Winners and Losers: Unchanged interest rates give local markets a boost

Markets rejoiced last week after the Reserve Bank left interest rates unchanged, while a slew of company presentations at Macquarie’s investor conference added support to listed firms.

May 13, 2024, updated May 13, 2024

There was little news from Adelaide’s biggest stock market gainers last week, which mostly rose on positive investor sentiment following the Reserve Bank’s decision to leave the cash rate steady.

Battery technology minerals explorer Iondrive Limited surged 57 per cent from Thursday afternoon to the close of trade on Friday afternoon, despite announcing no news to shareholders.

A perennial Loser, Mighty Kingdom, climbed the leaderboard this week to hit second place and a share price of half a cent.

Petrathrem landed in third place following a presentation at the Sydney RIU Resource Conference last week.

In fourth was Investigator Resources which joined Petratherm at the Sydney RIU Resource Conference and gained 14.58 per cent during the five trading days.

Koonenberry also jumped up 13.33 per cent in the week, and closed out the give trading days with a share price of 1.7 cents per share.

All five of the week’s Winners remain down on a year-on-year basis, with Mighty Kingdom the most sluggish (down 67.85 per cent year-on-year).

Neurizer – the top Loser of the week – posted no major news, however InDaily revealed last week that the company issued a statement asking shareholders to disregard all “net zero carbon” claims from its previous ASX announcements, amid a corporate watchdog investigation into alleged greenwashing.

Resolution Minerals fell 20 per cent in the week, and is down 55.56 per cent year-on-year.

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Antara Lifesciences landed in the Losers list too, mostly due to a $1 million raise at 4 cents per share – a slight discount – to fund an irritable bowel syndrome trial. The company remains well up on a year-on-year basis.

Whitebark Energy and Copper Search Limited rounded out the Losers for the week.

The full list of Winners and Losers for the week ending 10 May 2024:

Data compiled by Baker Young Limited analysts.

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