All Ords 5194 up 320 pts or 6.6%
A nice surprise. The rally looked to have broken down tentatively on many of the charts last week but that turned around today. That’s not to say that the rally will not fail tomorrow, because in most cases new rally highs were not achieved. I am taking it one day at a time.
Trading portfolio
SciDev shares (SDV, 36.5¢ even, $51m) closed unchanged although at one stage they hit 39¢. Here is the hourly chart. Arguably the rally is still in force, but of course there are still a number of downtrends to be challenged at higher levels.
Movements in other stocks added 0.2% to portfolio value. Main influences were AVH +11%, RED -17%, CXL +15% and SLR +9%.
The weakness in RED followed the announcement of a $125m placement at 18¢, a 24% discount to Friday’s close of 23.5¢, which will add 50% to the capital base. The funds will help fund development of the King of the Hills gold mine (estimated capex $218m) and further exploration within the Darlot project area.
Long term portfolio
A 2.0% rise in Electro Optic Systems shares (EOS, $4.05 up 8¢, $458m) added 0.6% to portfolio value. Here is the hourly chart.
Movements in other stocks added 1.9% to portfolio value. Main influences were CSL +12%, which by itself added 1.2% to portfolio value, then ALU +8%, AKP -10%, ALL +7% and MQG +7%. I should add that the three US-listed stocks all fell significantly on Friday night.
I have to say, the chart for Audio Pixels (AKP, $9.00 down $1.00, $255m) looks awful. I provided a link to the daily chart above. Here’s the weekly chart. Next support is around $6.90. It’s been a long time waiting for the promised land for those of us with that persuasion. I keep hearing it is almost here but….
Phoslock (PET, 47.5¢ up 6.5¢, $268m)
Here are the daily and hourly charts. The rise today broke another downtrend line so the chart looks a whole lot better. I am beginning to think the worst is over. Of course, we cannot relax until the main downtrend line sitting within the 65-70¢ range is taken out.
I don’t think today’s announcement would have made much difference to the share price, dealing as it did with the administrative issue of new hires (albeit they were quite important).
Other stocks
The uranium stocks surged today. Not sure why at this stage, but no doubt there was a bit of favourable news on the uranium market.
New breakouts of interest
Cellmid (CDY, 31¢ up 21¢, $30m)
Has just negotiated a deal with a distributor to supply Australia with a rapid-response COVID-19 diagnostic test device manufactured in China. Already used successfully in the UK and Europe, the device provides a diagnosis within 15 minutes.
Genetic Signatures (GSS, $1.36 up 26¢, $194m)
Another with a rapid-response COVID-19 detection kit, which it has developed in-house. Has applied for registration in Europe and Australia. Provides diagnosis in 4.5 hours.
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