Balamara Resources (BMR) is a stock that I have been monitoring over the past week. There hasn't been a massive volume day that has caught my attention like some of the other stocks I have been posting about lately. The rise has been a consistent one with increasing volumes.
The ASX is on the ball. Today the company received a price query asking why the stock has moved from $0.01 on 03/02/2012 to $0.016 today. Balamara Resources had no explanation and referred the ASX to recent announcements.
The company used to go by the name of Sultan Corporation (SSC) however has now rebranded itself. It depends on how you are playing a stock that will determine if this speeding ticket is a positive or negative. Those that took a position as a daytrade will probably be disappointed as inevitably a stock will experience weakness after a speeding ticket. There is the perception that a company cannot announce any price sensitive news for a little while after responding. If you dont fit into the above category then I think it's a positive...
The stock may be weak for a day or so which could be a good chance for those wishing to open a position before it's next upward move. I do think that there is a bit of news flow for this company to look forward to. For a starter, the company is about to commence drilling at it's base metals project in Poland. For those that like to take a punt on 'nearology' plays then it may be worth researching further. The company claims it's project lays immediately adjacent to Europes biggest Copper producee (KGHM).
On another front the company is in good communications with the Togo government regarding the tender process for a phosphate deposit. This news, however, could be months away.
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