Weekly| Another Week of Safe-Assets: Four Gold Companies Dominated the List
As of the close on Friday,$S&P/ASX 200(XJO.AU)$ closed at 7,214.90 points, up 1.30% in the past 5 days.
During the last 5 trading days, $Imugene Ltd(IMU.AU)$ , $Silver Lake Resources(SLR.AU)$ , $Evolution Mining(EVN.AU)$ , $Regis Resources Ltd(RRL.AU)$ , and $Northern Star Resources(NST.AU)$ were up 73.15%, 38.08%, 24.83%, 19.27%, and 16.81% respectively.
1. $Imugene Ltd(IMU.AU)$ up 20% after it released updates on its cancer trial
Imugene Limited, a clinical stage immuno-oncology company, develops a range of immunotherapies to activate the immune system of cancer patients to treat and eradicate tumors.
Imugene's shares rose this week because the company announced that it has dosed the first patients for cohort three of its Phase 1 cancer trial. This news likely led to increased optimism among investors regarding the potential success of Imugene's cancer treatment pipeline.
While Imugene's losses may concern some investors, the company's potential for success in the biotech industry appears to be driving positive sentiment among shareholders.
2. Four gold companies gained around 10%
Gold prices still remained at a high level this week. The gold rally is driven the bets for a pause in US interest rate hikes and the ease of bank crisis.
In addition, central banks around the world have been buying gold in recent years, further indicating a positive outlook for the metal. The increasing use of gold in technologies such as electric vehicles and renewable energy could further boost demand.
Most of these four companies benefit from the gold rally and don’t have price-sensitive news, except for $Regis Resources Ltd(RRL.AU)$ rising on the approval of a gold project.
1) $Silver Lake Resources(SLR.AU)$, together with its subsidiaries, engages in the exploration, mine development, mine operation, and sale of gold and copper concentrates.
2) $Evolution Mining(EVN.AU)$engages in the exploration, mine development, mine operations, and sale of gold and gold-copper concentrates.
3) $Regis Resources Ltd(RRL.AU)$, together with its subsidiaries, engages in the exploration, evaluation, and development of gold projects
Regis Resources secured regulatory approval from the Independent Planning Commission of New South Wales for the McPhillamys gold project.
Management notes that “McPhillamys is one of Australia’s largest undeveloped open-pittable gold resources and underpins significant value potential for Regis.”
4) $Northern Star Resources(NST.AU)$ engages in the exploration, development, mining, and processing of gold deposits.
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