The ASX 200 regained all of yesterday's losses and end up 42.1 points to 4267.8 for the day.
All eyes were on Lynas Corporation (LYC) as the share price surged over 19%, up $0.255 to $1.59 after confirming that Malaysia's AELB board approved the granting of a 2 year temporary operating licence for their rare earths project in Gebeng, Malaysia. The company will be granted a permanent operating licence should it comply with the terms of the temporary licence. Those that had long CFD positions with a guaranteed stop loss (to protect on the downside should the licence not have been granted) will be very happy. Macquarie has maintained an outperform tag on the stock.
Elsewhere, Mantle Mining (MNM), which has been a favourite on this blog surged to a high of $0.125. The volume on and just after market open was phenomenal and I thought that it could be a massive day. Unfortunately the ASX lodged a price query with the company which capped any larger run that may have been on the cards. I liked the response from MNM. Whilst the company advised there is no explanation for the rise in volume and price it did say the following:
"The Company is at an exciting stage in its development.
The Company is progressing a drilling program at Bacchus Marsh and expects to have further results from that program available during February and March.
The Company also notes that trial dates for its action relating to the Mt Mulligan tenements have been set for early March."
MNM closed up $0.01 to $0.115 and the buy side of the depth is still reasonably stacked.
Yesterdays scan came up with Pan Asia Corp Ltd (PZC), today the stock opened at $0.145 and flew to a high of $0.175 early morning before being sold off for the rest of the day and closing at the opening price.
My scan says that tomorrow's stock to watch is Pancontinental Oil (PCL). The stock was up $0.014 to $0.11 today on 6.7 million units.
Showing posts with label Mantle Mining (MNM). Show all posts
Showing posts with label Mantle Mining (MNM). Show all posts
Thursday, February 2, 2012
Wednesday, February 1, 2012
Market Action Today
The market got hit today with the ASX 200 dropping 37 points to 4225.7. Fairfax Media (FXJ) jumped $0.075 to $0.815 after it was revealed that Gina Rinehard grabbed another 10% of the company. The stock had a massive turnover of over 226 million units. Questions are being raised as to whether she is trying to take control of the company to promote her political and resources views via content.
The market may have gone down today but there was still no stopping Maverick Drilling (MAD) and Syrah Resources (SYR). Take a look at their amazing charts below:
MAD has doubled since being mentioned in the The Motley Fool email recently however encountering oil in the first test well at their Boling Dome Field has helped it on it's way. I'm none the wiser on SYR however it's other graphite counterpart Strategic Energy (SER) has been also been strong of late with investors taking positions before the ex-date is announced on distribution of Mega Graphite shares.
Mantle Mining Corp (MNM) continued to strengthen since I first posted on it on 19/01/2012. Today the stock closed up $0.011 to $0.105 on healthy volume of 4.5 million shares. Watching the stock today the market depth has been improving. The stock just needs to break that wall of sellers at $0.105 (2,148,467 shares) and then it will be very interesting.
Finally, the most promising stock that came up on my trusty scan today was Pan Asia Corp Ltd (PZC). The stock traded 1.5 million shares and increased $0.03 to $0.145. I've seen this stock be a bit of a leaky ship before price sensitive announcements in the past.
The market may have gone down today but there was still no stopping Maverick Drilling (MAD) and Syrah Resources (SYR). Take a look at their amazing charts below:
MAD has doubled since being mentioned in the The Motley Fool email recently however encountering oil in the first test well at their Boling Dome Field has helped it on it's way. I'm none the wiser on SYR however it's other graphite counterpart Strategic Energy (SER) has been also been strong of late with investors taking positions before the ex-date is announced on distribution of Mega Graphite shares.
Mantle Mining Corp (MNM) continued to strengthen since I first posted on it on 19/01/2012. Today the stock closed up $0.011 to $0.105 on healthy volume of 4.5 million shares. Watching the stock today the market depth has been improving. The stock just needs to break that wall of sellers at $0.105 (2,148,467 shares) and then it will be very interesting.
Finally, the most promising stock that came up on my trusty scan today was Pan Asia Corp Ltd (PZC). The stock traded 1.5 million shares and increased $0.03 to $0.145. I've seen this stock be a bit of a leaky ship before price sensitive announcements in the past.
Thursday, January 19, 2012
Mantle Mining (MNM) technicals not unnoticed
A stock that came up on my radar today was Mantle Mining Corporation Limited (MNM). The stock hit a rolling year low of $0.048 only ten days before Christmas followed by a break out two days before Christmas that prompted a price enquiry from the ASX. The company could not provide any explanation for the spike of its shares apart from activity on internet chat sites.
Today, around 10.7 million units or $970,000 worth of stock changed hands and the price ticked up over 10% to $0.092. This is the largest volume since March last year.
The activity suggests that there may be news on the way and it could come from a number of fronts. Traders will be hoping that the stock price doesn't overcook resulting in a ASX enquiry that will kill the momentum. The activity may also be in anticipation of the things the company has on the go in the next few months.
The company recently drilled 4 holes at it's Bacchus Marsh coal project which has a 1-2billion brown coal tonne target. It remobilised a rig in December for a further 11 drill holes that are to be completed in the 15 hole drill program. The company is also taking action to transfer tenements from previous owners for the Mt Mulligan coal project in Queensland however the court case isn't until March. Considering these two fronts are a month or two away my most likely suggestion for the share price activity is a joint venture with Exergen Pty Ltd musn't be far away.
Directors have recently taken shares in lieu of payment of services which is a good sign.
Today, around 10.7 million units or $970,000 worth of stock changed hands and the price ticked up over 10% to $0.092. This is the largest volume since March last year.
The activity suggests that there may be news on the way and it could come from a number of fronts. Traders will be hoping that the stock price doesn't overcook resulting in a ASX enquiry that will kill the momentum. The activity may also be in anticipation of the things the company has on the go in the next few months.
The company recently drilled 4 holes at it's Bacchus Marsh coal project which has a 1-2billion brown coal tonne target. It remobilised a rig in December for a further 11 drill holes that are to be completed in the 15 hole drill program. The company is also taking action to transfer tenements from previous owners for the Mt Mulligan coal project in Queensland however the court case isn't until March. Considering these two fronts are a month or two away my most likely suggestion for the share price activity is a joint venture with Exergen Pty Ltd musn't be far away.
Directors have recently taken shares in lieu of payment of services which is a good sign.
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