Uncapped 100 up for third week
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The Uncapped 100 gave back some of yesterday’s robust gains but Australian’s most interesting emerging stocks still managed to deliver their third consecutive week of gains.
The Uncapped 100 slid around 0.3% just ahead of the market close today, but is up 1.2% for the week as the surge in the gold price lifted the gold producers in the group.
Gold plays like Saracen Mineral Holdings (SAR) and Doray Minerals (DRM) are among the best performers on the Uncapped 100 with a weekly gain of 29% and 11% to 26.5 cents and 70 cents, respectively.
Biotech Alchemia (ACL) also posted strong gains as investors warmed to growing sales of Dr Reddy’s generic fondaparinux (an anti-coagulant), which it licensed from Alchemia. Test results from a key cancer trial using Alchemia’s technology will also be released to the market over the next few months.
Gaming systems company eBet (EBT) also continues to gain traction with investors. The company is undertaking trials of its stored value card in Queensland and there is considerable earnings upside for eBet if the state regulator approves the use of those cards. The stock has more than doubled in price since we highlighted it back on June 26.
On the flipside, lithium producer Galaxy Resources is struggling in the wake of its recapitalisation. Management has a lot of work to do to regain the trust of investors after production issues plagued the stock.
The stock crashed 20% to 5.9 cents this week and experts think it will stay in the sin bin for a year or two before it will be re-rated.
Meanwhile, marine safety equipment maker Mobilarm is another facing a bad week. The stock is the second worst performer after it tumbled 11% to 4 cents.
The company is at risk of falling over as it is having trouble completing its capital raising.
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