With more than 600k average monthly users on the HotCopper forums, each and every discussion can move markets. That’s why getting in front of those red-hot trends is key for every trader worth their salt. In this daily HotCopper Trends column, we break down the top Oz stocks through each trading day.
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Mount Ridley Mines (ASX: MRD) was up after it reported results from the first third-party test of its wholly owned and patent-pending Selectro process.
MD and CEO, Allister Caird, said the results represent an important milestone in demonstrating the application of Selectro beyond the company’s existing Grass Patch mineral resources and into the broader metal processing industry.
“This is a remarkable result for Selectro. Bauxite is a very different material to our Grass Patch feed, and achieving these recoveries on our first test demonstrates the potential for Selectro to be applied well beyond MRD’s existing mineral resources,” Mr Caird said.
MRD was up 13.9% to 4.1¢.
Bass Oil (ASX: BAS) was popular on HotCopper with positive news in a latest operations update.
Total sales revenue for September was $1,686,790 net to Bass – up 136%.
“September marked a milestone when Bass’ growth projects started delivering for the company,” MD, Tino Guglielmo, said.
“Oil production and sales have increased against a backdrop of persistently high oil prices boosting free cashflow. With the Bunian 6 oil well online our focus turns to delivering first gas sales from the Vanessa field.
“I am very proud of the efforts of our Indonesian and Australian teams for continuing to deliver our growth projects safely and professionally.” Mr Guglielmo added.
BAS jumped 8.47% to 6.4¢.
Broken Hill Gold (ASX: BH6) jumped after it revealed it had identified a number pf near-mine targets at the White Dam gold-copper project in South Australia.
Induced polarisation (IP) and magnetic geophysics completed in the last five weeks has provided a promising new dataset to guide exploration on the potential expansion of the Icebreaker sulphide gold-copper mineralisation.
“This is an excellent result, delivered in a very short turnaround time, and the geophysics crews have performed exceptionally. We now have coincident IP and magnetic anomalies over a large area, in a zone we already know is well mineralised – that is an extremely compelling set of drill targets,” MD, Matthew Boyes, said.
“The strength and consistency of the IP anomaly makes it an outstanding target in its own right.”
BH6 was up 8.33% to 13.0¢.
Looking wider, the S&P/ASX 200 was down just 4.60 points today to 8,723.30. The bottom performing stocks were Ingenue Communities and Silex Systems, down 11.90% and 11.05% respectively. Over the last five days, the index has gained 0.72% but is virtually unchanged year to date.
Meanwhile, the seasonally adjusted unemployment rate was 4.7% in September, according to the latest data from the Australian Bureau of Statistics (ABS).
“This month there were 39,000 less employed people and 9,000 more unemployed people,” Sean Crick, ABS head of labour statistics, said.
“As a result, the employment to population ratio fell 0.3 percentage points to 63.6%, and the participation rate fell 0.2 percentage points to 66.8%.
“This September a higher proportion of people remained unemployed compared to recent years.
“This follows from last month when a higher proportion of people who were previously not in the labour force moved to being unemployed.”
That’s Thursday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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