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Highlights
- Australian share market has gained an upbeat momentum in an attempt to get over yesterday’s lows.
- The Materials sector remains the top gainer by afternoon today (28 April, 2 PM AEST).
- Three stocks buzzing on the ASX with March quarter production updates are WGX, NIC and RSG.
The ASX200 is over 1.06% to trade at 7,338.30 today (28 April, 2:00 PM AEST). Materials sector is the top performer by afternoon today, with most sectors on the higher side. The ASX 200 materials sector index (XMJ) is up about 2.782% and the ASX300 metals and mining industry index (XMM) is higher by 2.797%.
In this backdrop, covered here are the day’s performance of three mining stocks buzzing today with updates on the ASX. The stocks covered are WestGold Resources Ltd (ASX:WGX), Nickel Mines Limited (ASX:NIC) and Resolute Mining Limited (ASX:RSG)
Note- share prices mentioned in the story are as of 28 April 2022, 2 PM. All comparisons are made based on those prices.
WestGold Resources Ltd (ASX:WGX)
One amongst the Australian gold producers is WestGold Resources Ltd, which undertakes commissioning, development and operation of production facilities in Western Australia.
In its March 22 quarterly report shared by Westgold on the ASX today (28 April), it has claimed to be on track towards its FY22 guidance. As claimed by WestGold, its Murchison and Bryah operations have delivered solid gold production results while maintaining costs. The company has also completed an AU$100 million placement to fund its key growth projects while also making two new appointments to its board.
On the ASX, Westgold trades with a market capitalisation of AU$729.18 million with an average of trade volume of 1.9 million shares. As of Thursday afternoon, 2 PM AEST, WGX shares were trading about 3.05% above yesterday’s close.
Nickel Mines Limited (ASX:NIC)
Another stock in news today from the metals and mining sector is Nickel Mines Limited, a producer of Nickel pig iron. The company from NSW Australia is a key resource provider for stainless steel producer companies.
Today, Nickel Mines has also released its March 22 quarterly activities report and has reported margin expansion alongside a record EBITDA (Earnings before interest, taxes, depreciation and amortisation). As a result, it has even paid a final dividend of AU$0.02 a share. While Nickel mines sales were relatively flat quarter-on-quarter, the increased revenue was mainly driven by a US$823/tonne increase in realised price of nickel. With the China NPI (nickel pig iron) price increasing steadily across the March quarter, and Nickel Mines Limited’s Hengjaya Nickel and Ranger Nickel signing their highest ever NPI contracts profitability could be achieved.
Meanwhile, on the ASX today, Nickel Mines Limited trades with a market capitalisation of AU$3.02 billion with an average of trade volume of 17.11 million shares. As of Thursday afternoon, 2 PM AEST, NIC shares were trading about 5.08% above yesterday’s close.
Resolute Mining Limited (ASX:RSG)
Next up is another gold explorer and miner, Resolute Mining Limited having operations in Australia and Africa. With an experience of over 28 years of production its yellow-metal assets are claimed to have a robust long-life.
Resolute Mining Limited is yet another mining company that has shared its March 22 quarterly activities report on the ASX today. For Resolute mining, gold poured during the quarter being 2% than previous quarter. Its Syama Oxide operation delivered an 18% increase in production compared to December quarter, while Mako delivered production in line with expectations. Resolute Mining reported increased production, lower operational costs and processing of lower cost inventory in March 22.
Moving to its share price movements, by afternoon today, RSG share price was about 6.25% higher than its previous close. As of date, the market capitalisation of Resolute Mining Limited on the ASX was of AU$353.25 million.
Recent share price performance of the three mining stocks
Image Source © 2022 Kalkine Media ®
Today all the three mining stocks seem to be aligning with the broader sectoral uptrend on the ASX, while all are trading lower in comparison to the share price last Friday.
Also Read- Ark Mines Ltd (ASX:AHK) wraps up March 2022 quarter on a high note
