AUS
NZ
UK
CA
USA
IND
Highlights
- The 52-week high is a technical indicator that can help investors to predict the future movement of stocks.
- The rise in the share price of a company may depend on various reasons.
- Various mining stocks hit their 52-week highs in the last week.
Momentum investing is considered to be one of the most effective ways of catching growth stocks. Momentum investors track, among many other things, those stocks that hit 52-week or all-time highs. The rise in the share price of a resources company may depend on various factors like a rebound in commodity prices, upbeat overall market sentiments, or a positive announcement by the company.
The 52-week high is a technical indicator that is closely watched to predict the future movement of stocks. Fresh 52-week highs are considered as a sign of strength by those who follow trend following systems. However, value investors might not consider it favourable as they see it as the good news already being factored by the market.
let's have a look at four ASX-listed miners that touched their 52-week highs on Friday.
Source: ASX as of 17 December 2021
Hawsons Iron Ltd
Hawsons Iron Ltd (ASX:HIO) is a mineral exploration company that is engaged in the development of the flagship Hawsons Iron Project near Broken Hill, NSW. HIO is a premium producer of high-quality iron ore products for the steel industry.
The shares of the company have been trending up since the last week of November, and the shares of the Company have zoomed magnificently by 93.42% in the last one month. The significant growth in the shares of the company is underpinned by a recovery in iron ore prices that gained momentum after Chinese steelmakers decided to resume steel production. The iron ore prices surged as much as 29.24% in the last one month with 4.74% gains coming in the last week alone.
Good Read: Fall in iron ore prices prompts decline in Australian exports in October
Capral Limited
Capral Limited (ASX:CAA) is an Australia-based supplier and distributor of aluminium products. The group markets, manufactures and distributes aluminium related products in the country.
The aluminium player has upgraded its guidance for FY21 as the manufacturing and distribution facilities of the company continue to operate at full-fledged capacity, providing a full increase in operating leverage. The full-year guidance provided a positive momentum to the bulls.
Must Watch: What is the mystery behind fall in iron ore prices?
AIC Mines Limited
AIC Mines Limited (ASX:A1M) is a gold and copper-focused miner founded in 2019 with the merger of Intrepid Mines and AIC Resources Limited,.
The shares of the company started heading north following a significant announcement made last week related to the increase in mineral resources at Eloise Copper Mine. The miner stated that additional survey works at the project area have allowed the company to increase copper and gold resources by 58% and 55% respectively.
Western Areas
Perth, Australia based Western Areas (ASX:WSA) is engaged in the sale of nickel sulfide, other base metals, and platinum group metals. The company holds a diverse project base in countries like Finland, Canada, and Australia.
The shares of WSA started galloping following an announcement related to its acquisition. As per 16 December 2021 announcement, Western Areas entered into a scheme implementation deed with IGO Limited (ASX:IGO) under which IGO will acquire 100% shares of the Western Areas.
For Details: IGO Ltd (ASX:IGO) to buy nickel producer Western Areas for over AU$1B
