Although the Australian stock market closed in red today with S&P ASX 200 closing 0.6% down at 6338.4; however below three stocks showed an attractive upside momentum on ASX today. Investors may keep a close watch on the following stocks as the stocks witness a significant surge today.
Pilbara Minerals Limited
Pilbara Minerals Limited (ASX: PLS) is an Australian based company that deals in the production of lithium and tantalum. The company aims to become the largest raw materials producer of the world in 2020 with the development of the Pilgangoora project. The project is wholly owned by Pilbara Minerals and has 23-year mine life to date with access to established transport and port infrastructure.
Recently, the company released the quarter results for March 2019. The company reported a quarterly sales of 38,562dmt of spodumene concentrate and 30,356lbs tantalite concentrate. There was a steady production growth recorded at 52,196dmt of spodumene concentrate during the quarter despite adverse weather. The company had $103.9M cash in the bank as on 31 March 2019. In late March, the company informed that there was a sustained delivery of spodumene concentrate at Pilgangoora during the first six months of operations.
The company’s stock ended up higher today at AUD 0.660 (2nd May 2019), up by 9.091% as compared to the previous day’s market price. 18,391,927 number of shares were in trade today, and 1.85 billion shares are outstanding. The 52-week high and low value of the stock was priced at AUD 1.125 and AUD 0.570 respectively.
Galaxy Resources Limited
Headquartered in Australia, Galaxy Resources Limited (ASX: GXY) is engaged in the production of lithium concentrate in Australia, Canada and Argentina. The company’s main projects are James Bay lithium pegmatite project in Canada and Mt Cattlin mine in Ravensthorpe Western Australia.
Recently, the company announced its quarterly activities report for the March quarter. As per the report, 41,874 dry metric tonnes of spodumene concentrate was produced from the Mt Cattlin Operations of the company during the quarter. The total mining volume increased by 18 per cent during the quarter to 1,168,120 bcm. The company had cash and liquid assets worth US$285.3 million at the end of the quarter. The company appointed Mr Simon Hay as its new Chief Executive Officer in early April who will take charge from 1st July 2019.
The company’s stock closed higher today at AUD 1.525 (2nd May 2019), up 3.39%. The market capitalisation of the company stands at AUD 601.1 million. 9,060,447 exchanged hands today, and 407.52 million shares are outstanding.
Nearmap Ltd (ASX: NEA) is a digital content provider providing access to high-resolution aerial imagery, integrated geospatial tools and city-scale 3D data sets. The company aims to make aerial imagery easily accessible to businesses.
In a presentation released yesterday, the company highlighted strong growth in H1 FY19. The company reported an increase in Annualised Contract Value (ACV) to $78.3m, revenue to $35.5m and improvement in gross margin. The company launched a range of new products during the period including offline 3D subscription availability, roof measurement tool and enhanced integration and scalability for enterprise customers. On 15 April this year, S&P Dow Jones Indices informed that Nearmap Ltd would replace MYOB Group Limited in S&P/ASX 200 Index.
The company’s stock traded last on a higher note at AUD 3.790 (2nd May 2019), up by 5.571% from the previous day’s stock market price. The 52-week high and low value stands at AUD 3.900 and AUD 0.880 respectively. 9,101,778 shares were in trade today, and 447.74 million shares are outstanding.
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