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We’re watching beyond stocks today, waiting to see if the Reserve Bank hikes again at 2.30pm this arvo (after it raised rates in February), though some investors are still keeping a finger on the pulse for some Tuesday.
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In this daily HotCopper Trends column, we break down the top three Aussie stocks through each trading day, and why they’ve drawn a daily focus intraday.
First up, Meeka Metals (ASX:MEK) has “effectively doubled” the head grade of Andy Well ore entering the plant, which will lead to a meaningful increase in annual gold production. The upgrade came on expansion work at the Murchison processing plant, with an extra crushing circuit, wash plant, and ore sorter installed.
“The results were excellent and gave us strong confidence… to consistently separate the high-grade gold-bearing quartz from lower-grade material that will be stockpiled,” Meeka MD Tim Davidson said today.
Traders liked the news; MEK is up +4.5% at time of writing.
Elsewhere, New Hope Corporation (ASX:NHC) is -9.2% down as much as after reporting an 84% drop in net profits, to $54.3M in the six months to January 31. Weaker coal prices were the main reason, New Hope says.
The price dump has left NHC shares @ $5.04.
Finally, AML3D (ASX:AL3) is trending after Hill’s Newport News Shipbuilding subsidiary placed a ~$9.9 million order for four ARCEMY X systems.
HII is America’s largest military shipbuilder, delivering ships, aircraft carriers, submarines, and defence technologies. On completion of the order, NNS will then have a fleet of six custom ARCEMY X systems.
Mid-morning, AL3 has been +17% up.
And then looking wider, the ASX has been up +0.4%.
That’s Tuesday’s HotCopper Market Trends, I’m Isaac McIntyre – see you for close.
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