Winners and Losers: Renascor’s graphite ambitions drive $100m gain
Business
Renascor Resources enjoyed a major boost to its market capitalisation last week after China announced new graphite export permits, but uncertainty drove a dip for SA video games company Mighty Kingdom.
Graphite miner Renascor saw its market capitalisation rise by more than $127 million over the last five days of trading, buoyed by fresh news out of China.
The company rose after China announced it would implement export permits for some products that could impact global supply of battery grade graphite from the nation. This drove gains for graphite stocks, including Renascor, which jumped up 45.45 per cent over the prior week.
Another gainer was iTech Minerals which rose by 34.41 per cent, as well as Jade Gas Holdings and Resolution Minerals which both enjoyed rises around the 20 per cent mark.
Mayne Pharma rose by 18.79 per cent in the five-day period – a second strong week for the company following the release of a report for the first quarter of the current financial year, with all segments delivering a positive contribution margin.
The company also announced it would seek shareholder approval at its upcoming annual general meeting to increase its current on-market buy-back to acquire up to 15 per cent of shares on issue over the following 12 months.
As for the losers, in second spot was Magnetite Mines which this week announced it would raise $6.2 million. Funds raised will be used to finalise and lodge a Mining Lease Proposal for its Razorback Iron Ore project in SA.
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Mighty Kingdom was another loser this week following a tumultuous five days during which it terminated a share subscription agreement with its largest shareholder Gamestar. Shares fell 23.08 per cent.
NASDAQ-listed Bionomics, copper explorer Copper Search and miner Centrex rounded out the five Losers for the week ending 27 October.
The full list of Winners and Losers is below:
Data compiled by Baker Young Limited.
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