Winners and Losers: Renascor slides despite EV uptake
Shareholders in Kent Town-based graphite miner Renascor sold out of the company despite EV sales doubling over the past 12 months, taking it to the top of the first Losers list for 2024.
A drill rig on Renascor's Siviour project site near Arno Bay on Eyre Peninsula. Photo supplied
Falling by 20 per cent over the five trading days last week, Renascor Resources suffered through its highest weekly trading volume since October 2023 when shares rose by 45 per cent.
The company’s share price fell below 10 cents for the first time since August 2021, despite news from the Federal Chamber of Automotive Industries that Australian electric vehicle sales doubled last year.
Renascor Resources is a miner specialising in the mineral graphite; a key component of EV batteries.
In October last year, Renascor topped the Winners list after China announced new graphite export permits, and in November acquired land hosting a significant South Australian graphite deposit.
The company made no new major announcements last week, and neither did the remainder of the Losers list: Koonenberry Gold, Itech Minerals, Resolution Minerals and 1414 Degrees.
It was quiet for the Winners too, with Adelaide’s top listed companies largely still on holidays.
LBT Innovations led the Winners this week rising by 30 per cent in the five trading days to 12 January. However, the company is down 72.30 per cent compared to this time last year.
It was followed by PNX Metals, Sparc Technologies, Maggie Beer Holdings and Petratherm.
The full list of Winners and Losers for the week ending 12 January, 2024:
Data compiled by Baker Young Limited.
