Around the Traps ... with THE FERRET Unit Price: Bid: Ask:
03 Aug 2011 08:00:00
Sydney - Wednesday - August 3: (RWE Australian Business News) -
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Budding copper miner SANDFIRE RESOURCES (SFR) beat the market blues and hit a record high yesterday with a 61c rise to $8.62.
It closed at $8.52.
The shares have been climbing since $6.95 on July 12.
The previous record was set last October at $8.34, following which it fell as low as $6.91 ... before climbing again to $8.31 on December 23 and falling to $5.89 on March 15.
It remains to be seen whether there will be a fallback this time but the stock is sure to come under increased attention.
The company has just conducted a mining site tour for a big contingent of investment bankers, stockbrokers, big investors and the media.
The rise in Sandfire is good news for OZ MINERALS (OZL) which has an 18.8 per cent stake.
It plunged $100 million on the stock when it was less than $4 so it has much more than doubled its investment.
How did the stock celebrate the continued rise in Sandfire ... OZ plunged 74c to $13.45 yesterday before closing at $13.60.
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KATHMANDU HOLDINGS (KMD) shocked the market with a good retail story yesterday.
Going against the industry trend it announced a 24.5pc jump in sales for the year ended July 31 (which, come to think of it, is a pretty good effort on another front as well ... speed of reporting because it was only two days after the close of the year).
Profit is even better with EBIT tipped to be up by up 31-36pc.
The shares jumped 13.5c to $1.885 and closed at $1.86.
The share price recovery ends a two-month spell in the doldrums for the stock, during which it traded mostly below its 2009 public float price of $1.70.
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CUDECO (CDU) is making what seem to be good announcements but the sharemarket is not appreciating them.
On July 25 it reported it had intersected bonanza-grade gold and high-grade silver, tellurium and uranium at Wilgar, which is part of the Rocklands Copper Project.
It struggled to make a miserable 1c gain.
At least that was a gain.
Yesterday it announced the intersection of multiple zones of new mineralisation between existing ore bodies at Rocklands in previously undrilled areas.
A drillhole intersected 34m of mineralisation over four zones including 6m at 3.44pc copper-equivalent with 4m at 4.95pc.
The shares fell 11c to $3.34.
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OPTISCAN IMAGING (OIL) must be getting its second wind.
On July 27 when it released its "Strategic Review Process" the shares rose 1.3c to 7.8c and continued to firm, to 9.5c on Monday.
Yesterday it rose 4c to 13.5c.
The shares have trebled since mid-June.
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NAVITAS (NVT) shareholders must have expected their company to do better than the net profit of $77.39 million in the year to June 30, which was up 20.5 per cent on 2010.
The company also lifted final dividend from 10.7c to 12c to make 20.7c for the year.
However, the shares fell 10c to $3.75, lifting the dividend yield to 5.5pc.
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DELECTA (DLC) had to clarify claims in a newspaper on Monday regarding the acquisition of Stiletto, the Sydney bordello.
The former AdultShop.com said the stockbroker presentation referred to in the article was not authorised by it and did not constitute an offer by the company.
