3 Stocks Moving Down – MCX, CAE and RIM

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While ASX opened flat at November 6, 2018, ahead of RBA policy meeting and finally closed higher. Some stocks went down in the reverse direction of the market movement. Let’s take a quick look at three such stocks which turned red, where one is from financials sector and two from resources sector.

MARINER CORPORATION LIMITED (ASX: MCX) – The revenue from continuing operations decreased by 0.3% as at June 30, 2018 of $401,283. The net loss for the period attributable to the members reduced by 84.34% to ($38,000) hence no dividend was paid or declared during the current financial year period. The net assets of the consolidated group have increased from negative $3,111,023 at 30 June 2017 to negative $3,149,024 in 2018 mainly due to the fact that operating costs currently exceed the revenues recognized during the year from participating interests in rental assets. The revenue has remained stable from the previous period as expected and costs have continued to reduce due to the restructuring of debt and operations. As at November 6, 2018, the stock of MCX traded lower at a market price of $0.022 which is very close to its 52-week low and it has witnessed a performance change of 40.00% over the past one year. The cash at hand at the end of the period was of $16,080 with no debt. 

CANNINDAH RESOURCES LIMITED (ASX: CAE) – The loss for the Consolidated Entity after providing for income tax amounted to $1,189,141 compared to the 2017 loss of $797,189. Resultant to which there were no dividends paid or declared during the current or previous financial year. The company’s strategy like most other small capital exploration companies, is to preserve shareholder wealth and grow the value of the flagship asset with prudent exploration methods. At 30 June 2018, the company had cash on hand of $10,461 as compared to 2017 cash of $318,478. The year also saw the conversion of the $225,000 of convertible notes into equity. As at November 6, 2018, the stock of CAE traded lower at a market price of $0.026 which is very close to its 52-week low and it has witnessed a performance change of 25.00% over the past one year.

RIMFIRE PACIFIC MINING NL (ASX: RIM) – Attaching free new options 125,307,185, raising approximately $1,127,765 before costs, the company advises that it issue 125,307,185 new shares. The loss of the consolidated entity amounted to $1,047,835 in the period compared to 2017 loss of $924,782. No dividends were paid during the financial year, nor are any recommended at 30 June 2018. The cash at end of the year as at June 30, 2018 is of $893,597 with no debt representing healthy balance sheet. The strengthening of the management, board and technical team and the data acquired by the company through the New Gold Inc. farm-in agreement provides a clear direction for the coming year. As at November 6, 2018, the stock of RIM traded lower at a market price of $0.008 which is very close to its 52-week low and it has witnessed a performance change of -50.00% over the past one year.

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Gross Margin and Current Ratio of MCX, CAE, RIM, Source: Thomson Reuters


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