AUS
NZ
UK
CA
USA
IND
Highlights
- S&P/ASX 200 ended 1.36% down and all the 11 underlying sectors also ended today’s trading session in the red.
- Shares of Emerald Resources, Predictive Discovery and Deep Yellow outperformed the wider market and closed in the green and also recorded their fresh 52-week highs.
- ASX All Ordinaries Gold Index (ASX:XDGA), which closed 1.14% higher at AU$ 9126.689.
Australian stock market benchmark index, S&P/ASX 200, closed 1.36% lower at 6,981.60 points on 19 October 2023. Along with the index, all eleven underlyingsectors ended in the red.
Despite the broader weakness in the market, there were a few ASX-listed stocks, such as Emerald Resources (ASX:EMR), Predictive Discovery (ASX:PDI) and Deep Yellow (ASX:DYL), which outperformed the benchmark index by a wide margin and recorded their fresh 52-week highs.
Let’s look closely at these stocks that defied today’s sell-off.
Emerald Resources N.L. (ASX: EMR)
The shares of Emerald Resources shot up to touch a new 52-week high of AU$ 2.85 apiece and closed 3.68% higher at AU$2.82 apiece. Worth mentioning here is that EMR share price was in line with the ASX All Ordinaries Gold Index (ASX:XDGA), which closed 1.14% higher at AU$ 9126.689.
EMR is an explorer and developer of gold projects in developing countries like the Bonikro Gold Project in Cote d’Ivoire for Equigold NL.
No news or update has been shared by the firm, which could have impacted today’s share price. But the gain in spot gold prices recently could have been the reason behind the gain in EMR shares.
Moreover, a few days back, on 13 October 2023, the company informed that it is seeking to acquire a mining firm, Bullseye. As of 13 October, it had 76.50% direct equity ownership in Bullseye.
Moreover, through an ASX filing dated 9 October 2023, the company shared its quarterly results and highlighted that it had achieved its FY23 gold production guidance with a production of 108,866 ounces.
Predictive Discovery Limited (ASX: PDI)
Outperforming the broader market index, PDI shares closed 6.98% up at AU$0.230 apiece on 19 October 2023 with a market capitalization of AU$444.67 million. During the trading session, PDI shares surged to register a new 52-week high of AU$0.235 apiece. Just like EMR, PDI shares also performed in line with XDGA.
PDI is a gold exploration firm which is focused on discovering and developing gold deposits within the Siguiri Basin in Guinea.
There has been no news or update which could justify today’s share price movement other than the recent gain in spot gold prices.
The last significant update by the company was regarding the 2023 annual report. The report highlighted that the company was focused on developing its Bankan gold project into a Tier-1 gold mine.
Throughout the financial year, extensive drilling campaigns were conducted, and 83,000m of resource definition drilling was concluded at the BC and NEB deposits, with the intent to expand the current mineral resource and enhance its classification.
As per the August 2023 update, the mineral resource of the Bankan project is 100.5Mt at 1.66g/t for 5.38Moz, including 487Koz at BC and 4.89Moz at NEB.
The mineral resource estimate (MRE) would be used in a scoping study, which started in FY23 and is expected to be concluded by the end of this year.
Deep Yellow Limited (ASX: DYL)
Today, DYL share price appreciated by 7.086% to close at AU$1.36 apiece. During the trading hours, the share price skyrocketed to AU$1.40 apiece, to create a fresh 52-week high.
Deep Yellow is committed to establishing a global Tier-1 uranium group to produce 10+Mlb every year. The company claims that its portfolio has the largest uranium resource base of any ASX-listed firm, and its projects offer development and geographic diversity.
Yesterday, the company released its quarterly results on ASX for the quarter ended 30 September 2023. The company informed that during the quarter, it had concluded the reverse circulation (RC) resource and infill drill campaign at the Tumas project. By the end of FY23, the mineral resource estimate upgrade is anticipated.
At the Mulga Rock project, the company concluded a 656-hole drill program and expects updated MRE in late 4Q of FY23.
