ASX market movers: Podium Minerals, Venturex Resources
The 10 biggest movers on the ASX today.
It was a big day for small cap miner Podium Minerals which rose by 23.9%, and there was also a lot of action for major resources stocks BHP, Fortescue and Rio Tinto. Here are the daily highlights.
Biggest changes on the ASX Tue 18 May 2021
Mining and exploration company Podium Minerals (POD) was the top mover on the ASX today.
Shares in Podium Minerals rose 23.9% to $0.83.
Podium Minerals is a mining company in the materials sector that specialises in gold, platinum and other base metals.
"Podium hasn't just outperformed the market today, its share price has risen an astonishing 4,000% in the last 12 months alone," said Finder's investments editor Kylie Purcell.
"So much volatility isn't uncommon when it comes to miners in their exploration stage, such as Podium Minerals. Investors buy in at a low price with the expectation that shares will go up if the company hits a goldmine. By that same token, it's risky because you're betting on something that hasn't happened yet."
On 5 May, the company's share price jumped as much as 27% after the company announced it had found high grade precious metals during a drill program. News that the company plans to drill two major holes at its Parks Reef project is also likely spurring on investor bullishness.
"The fact that the price of gold has just hit a 3-month high and other precious metals are also rallying as economies gear up for increased production is promising news for shareholders of mining companies," said Purcell.
Learn more about investing in Podium Minerals in Finder's full guide.
In second spot for market gains was Venturex Resources (VXR), a base metal mining company.
It rose 20.0% to close at $0.84.
"Venturex Resources closed at an all-time high on Tuesday," said Purcell.
"There were no company announcements today to trigger the sudden rally, however the surging price of base metals like aluminium, copper and zinc are adding tailwinds to a number of mining companies globally."
"Base metals tend to increase when an economy is performing well. With the COVID-19 vaccine being unrolled at a global scale, investors are predicting a strong economic recovery."
Learn more about investing in Venturex Resources in Finder's full guide.
The top 10 biggest movers on the ASX today were:
|Podium Minerals (POD)||$0.83||23.9%|
|Venturex Resources (VXR)||$0.84||20.0%|
|Rhythm Biosciences (RHY)||$1.12||16.7%|
|Restaurant Brands New Zealand (RBD)||$12.35||12.2%|
|Ppk Group (PPK)||$12.22||9.6%|
|Element 25 (E25)||$2.25||8.2%|
|Bougainville Copper (BOC)||$0.65||10.2%|
|Paladin Energy (PDN)||$0.55||10.0%|
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Market indicators Tue 18 May 2021
Overall, the S&P/ASX200 closed up Tuesday, gaining 45 points (0.63%) to 7068.1.
Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to market close. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated at the end of the day, but these prices may be subject to minor variation depending on data availability.
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