As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 8,211.30 on Friday, down 0.88% in the past 5 days.
1. $WEST AFRICAN RESOURCES LTD(WAF.AU)$ +14.73%
West African Resources Ltd reported a robust third quarter in 2024, with gold production reaching 47,799 ounces and sales at an impressive average price of US$2,493 per ounce. The company remains on track to meet its annual gold production guidance, supported by a healthy cash balance of A$430 million. Additionally, significant progress was made on the Kiaka project, including a successful A$150 million share placement to fund its development.
West African Resources Limited's large institutional owners must be happy as stock continues to impress, up14.73% over the past week. And things are looking up for institutional investors after the company gained AU$151m in market cap last week. The gains from last week would have further boosted the one-year return to shareholders which currently stand at 136%.
2. $HMC Capital Ltd(HMC.AU)$ +11.64%
HMC shares are on fire on Friday. The ASX 200 property share returned from a trading halt this morning, and what a return it was. Before this Friday, the last price HMC shares traded at was the $9.21 closing price investors saw back on Wednesday afternoon.
But on Friday morning, those same ASX 200 shares opened at $9.55 each before climbing as high as $10.24. The company is presently hovering just below that high, asking $10.22 a share. That's up a whopping 10.97% for the day. Additionally, that $10.24 high watermark also represents a new all-time record high for the HMC Capital share price.
This week, upon the resumption of trading, HMC declared the program an unmitigated success, with $300 million raised. The proceeds from this issuance of new shares will go towards the $1.94 billion acquisition of data centre company Global Switch Australia. Given the HMC capital share price reaction to this news, it seems investors are beyond excited about these plans.
3. $BELLEVUE GOLD LTD(BGL.AU)$ +10.51%
Gold reached a record high as tensions in the Middle East boosted demand for the asset as a haven. Bullion edged up on news that Israel is discussing its attack on Iran after a Hezbollah drone exploded near Prime Minister Benjamin Netanyahu's private home. Meanwhile, Bellevue Gold advanced after beating average estimates for operating costs and cash flow during the first quarter.
Bellevue Gold Limited has released an update this week. Bellevue Gold Limited reported a strong financial performance for the quarter ending September 2024, with a significant net cash inflow of $51.4 million from operating activities. The company also raised $150.8 million through equity securities, bolstering its cash position considerably. However, Bellevue Gold’s investing activities resulted in a cash outflow of $40.9 million, reflecting ongoing investments in property and mine development.
4. $Genesis Minerals Ltd(GMD.AU)$ +10.00%
Genesis Minerals Limited has announced the quotation of 96,667 fully paid ordinary securities on the Australian Securities Exchange, effective from October 23, 2024. This move may attract investors looking for new opportunities in the mining sector, as the company continues to expand its market presence.
Genesis Minerals Limited focuses on the exploration, production, and development of gold deposits in Western Australia, with a market capitalization of A$2.81 billion.
Genesis Minerals appears significantly undervalued, trading at A$2.49 compared to its estimated fair value of A$4.8, suggesting potential for appreciation based on discounted cash flow analysis. The company has transitioned to profitability with net income of A$84 million for the year ending June 30, 2024, a substantial improvement from a net loss previously recorded. Earnings are forecasted to grow at an impressive 22.7% annually over the next three years, outpacing broader market expectations.
5. $QANTAS AIRWAYS LIMITED(QAN.AU)$ +8.96%
Australian flag carrier Qantas Airways , opens new tab on Friday raised its first-half domestic revenue expectations and said it was on track to restart dividend payments from the second half of the financial year, sending shares to a record high. Under the leadership of a new CEO and chair, the iconic Australian brand has been working to rebuild a reputation that was battered over the last 18 months amid legal, regulatory and customer issues.
Qantas has announced major cabin upgrades for its Airbus A330 fleet, enhancing passenger experience on international flights to destinations like Hong Kong, Singapore, and Tokyo. Key upgrades include new Economy seats designed with comfort in mind, featuring 13.3″ 4K OLED entertainment screens, USB-C fast charging, and Bluetooth connectivity. Other updates include refreshed mood lighting, curtains, and carpets. The refurbishment will start in mid-2025 and conclude by 2026.
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