Winners and Losers: Few gainers as mining stocks tumble
Only three local companies made gains on the stock market last week, with mining firms making up the bulk of the losses including Core Lithium which had $100 million wiped off its market value.
Photo: Core Lithium
The Adelaide-based company creating a lithium mine in the Northern Territory saw its shares fall 11.25 per cent in the last five days of trading as the price of the metal continues on its downturn.
It was not without company in the Losers list this week, with 15 of the 25 companies this column tracks experiencing a tumble.
Just three gained; AML3D which rose by 12.50 per cent, Aerometrex (up 5.36 per cent) and Mayne Pharma Group (up 3.45 per cent).
Seven companies finished the week where they started, including Mighty Kingdom which this week hired lawyers to chase more than $2 million in settlement funds it alleges are outstanding from a company founded by its former CEO.
AML3D’s rise was triggered by the release of two major announcements, including the appointment of a new managing director – Sean Ebert – and a president of the company’s US operations – Pete Goumas.
The manufacturing company also scored a contract with US Navy subsidiary Laser Welding Solutions. It marks AML3D’s inaugural order for its 2600 Edition ARCEMY system – an automated, on-demand 3D manufacturing solution.
Alongside Core Lithium, the remaining Losers for the week ending 22 September were Renascor Resources, Centrex, Elders and Australian Vintage.
Check out this week’s Winners and Losers below:
