By rallying up to one percent, S&P/ASX 200 posted a week-high which is led by strong gains on wall street and heavyweights on the index. Here are three stocks closing in green and moving up with the markets bouncing back and giving investors and market watchers some relief.
PURIFLOH LIMITED (ASX: PO3) – The net operating cash-flow deficit for the 12 months to 30 June 2018 was $624,477 as compared to 12 months to 30 June 2017 of $73,254. At a price of $0.3438 to convert a further $138,600 to equity as at 29 June 2018, the company also issued a further 403,144 shares. Reflecting increasing activity and operating expenses from previous years the company has reported a net loss for the 12 months to the year ending 30 June 2018 of $645,453. From $6,281 in 2017 to $133,803 in 2018, the cash and cash equivalents have increased at the end of the financial period of June 30, 2018. At current market price the market capitalization is $103.56 million. The stock over the past one year has witnessed a performance change of 1169.23%.
ARGONAUT RESOURCES NL (ASX: ARE) – The current assets on June 30, 2018 stand at $5,479,816 while total current liabilities at $753,659 which signifies its ability to pay short term obligations. The cash and cash equivalents at the end of the financial year is $5,335,855 which has improved significantly form the corresponding previous period. The group has incurred net losses after tax of $2,529,286 as compared to 2017 loss of $2,070,049 and net cash outflows from operating and investing activities of $2,712,925 compared to 2017 of $1,810,636 for the year ended 30 June 2018. The group is also reviewing various capital raising opportunities to meet its capital requirements. At current market price the market capitalization is $27.98 million. The stock over the past one year has witnessed a performance change of -33.33%.
MAGMATIC RESOURCES LIMITED (ASX: MAG) – The company has provided new contact details which is at Suite 8, 1297 Hay Street, West Perth. The Group incurred a lower loss of $2,533,870 after income tax for the financial year as compared to 2017 loss of $3,794,220. As at the end of financial year 30 June 2018, the group had net assets of $2,205,652 compared to 30 June 2017 net assets of $ 4,264,431, including cash and cash equivalents of $553,484 in 2018 while as at 30 June 2017 it was $3,080,365. To raise $1,226,939 on a one new share for three existing shares basis at $0.04 per share the company issued a renounceable rights issue prospectus dated 30 July 2018. The company announced on 28 August 2018 that it raised $994,366 before costs as at 30 August 2018 to continue to fund its exploration and marketing activities. The stock over the past one year has witnessed a performance change of -79.92%.
Revenue of PO3, ARE & MAG, Source: Thomson Reuters.
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