3 ASX stocks that beat the market yesterday

ASX shares are being hammered, but these three were shining beacons yesterday

Mike King

Mike King is a Fool.com.au Investment Analyst and Writer. He caught the investing bug more than a decade ago, at a time when the U.S. had invaded Iraq and fear reigned in the markets. His initial success as the markets took off encouraged his passion and thirst for knowledge. With 13 years behind him at one of Australia's largest domestic banks, Mike's passion for stocks led him to join a boutique funds management firm, where he stayed for four years. A seven-year stint in equity research at one of the largest investment banks in the world followed that, giving Mike a thirst to pursue his passion further. Mike holds a Diploma in Applied Finance and Investment and a Graduate Certificate in Financial Planning. His passion is to help retail investors invest better, and that passion was one of his primary reasons for joining The Motley Fool Australia in late 2011. Mike has written thousands of articles since joining, including for Fairfax Media, Yahoo!7, Ninemsn and has also appeared on ABC's The Business. You can see all of Mikes' holdings here

Published May 18, 2012 2:30 pm AEST

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell by 0.2% on Thursday, to close at 4,157.4. For the week, the index is down 3.2%, with further falls coming on Friday.

The following three stocks managed to rise by 8.8% or more on Thursday.

Paladin Energy Ltd (ASX: PDN) was up 9.4% to close at $1.275, recovering from the 9% fall it suffered on Wednesday, after workers went on strike at its Malawi uranium mine. The company came to an agreement with workers to review salaries in six months' time, if workers returned to work.

Saracen Mineral Holdings Limited (ASX: SAR) was up 9.3% to close at 47c. Saracen was another stock recovering from a fall the previous day. Saracen fell 10.4% on Wednesday. Did the underlying value of the company fall 10% and then rise 9% in consecutive days? I'd say not, which illustrates how the price of a stock can bear no relation to the performance of the company, and how irrational the market can be.

Regis Resources Limited (ASX: RRL) closed up 8.8% at $3.71, following five days of consecutive falls from $3.94 down to $3.41 on 16th May. Regis is yet another resource stock swinging wildly between big falls and rises on a daily basis. With continued uncertainty in the market, I expect these swings to continue.

Other notable risers include Senex Enrgy Ltd (ASX: SXY), up 8.2% to close at 79 cents, and OneSteel Limited (ASX: OST), up 7.7% to close at $1.05.

If you're in the market for some high yielding ASX shares, look no further than "Secure Your Future with 3 Rock-Solid Dividend Stocks". In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

More reading

Motley Fool contributor Mike King owns shares in Saracen. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691).Authorised by Bruce Jackson.

Automatic Renewal

By taking up this offer, you will also be enrolled in our auto-renewal program, which is our way of making your ongoing subscription easier by ensuring uninterrupted service. Don't worry, though – you're not locked in, and can cancel your auto-renewal at any time before each 'anniversary' date without question or penalty.