Winners and Losers: Energy stocks under pressure but Woomera Mining soars
Business
Demand for lithium doubled Woomera Mining’s share price last week, but global oil and gas concerns put pressure on Adelaide’s energy stocks.
New shareholders and speculators jumped on Woomera Mining in the past week, sending the company’s share price up more than 100 per cent.
The company recently announced a $2.1 million capital raise alongside a note that in late November it expects to complete a drilling program across two of its lithium mines.
It was a beneficiary of an interest in lithium-based companies too. Analysts from Baker Young Limited said the volume and price spike “appears to be new shareholders positioning ahead of drilling campaign that starts later this month”.
PNX Metals was another Winner for the week after the company announced uranium rights were returned to the company including the Thunderball uranium deposit in the Northern Territory.
“The return of uranium rights over PNX’s approximate 1,500 km² of exploration tenure in the Pine Creek region of the NT is well timed with recent increased interest in uranium and its role in energy decarbonisation,” PNX managing director James Fox said.
Of the Losers, Jade Gas fell by more than 20 per cent in the week despite making no new announcements over the five-day period. Its fall was likely in-line with the oil and gas sector being broadly weaker over the week.
Get InDaily in your inbox. Daily. The best local news every workday at lunch time.
Thanks for signing up to the InDaily newsletter.
Similarly, Vintage Energy landed in the Losers list.
“In the absence of any major news, the oil and gas explorer located in the Cooper/Ermanga Basin fell 12 per cent as global oil prices fell by over 5 per cent for a second straight week as a weaker outlook for global oil led by softer crude export data from China this week the indicates a weakening global outlook for energy,” Baker Young Limited analysts said.
Copper Search was the number two Loser for the week after it successfully raised $1 million via a private placement.
The top five Winners and Losers for the week ending 10 November:
Data compiled by Baker Young Limited.
Sponsored
Local News Matters
Media diversity is under threat in Australia – nowhere more so than in South Australia. The state needs more than one voice to guide it forward and you can help with a donation of any size to InDaily. Your contribution goes directly to helping our journalists uncover the facts. Please click below to help InDaily continue to uncover the facts.
