3 ASX stocks that thumped the market yesterday

ASX rose 0.7%, but these three added more than 5%

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 November 8, 2012 2:02 pm AEDT

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) added 0.7%, to close at 4,516.5 yesterday, with the market spiking higher in late trading, after TV networks announced that Barack Obama had won victory in the US presidential election. Our market followed the strong leads from Wall Street, which was up 1% the previous night.

The Australian dollar has continued its rise against the US dollar, finishing the trading day buying 104.6 cents.

These three stocks were the best performers in the ASX 200 index, rising more than 5%.

OceanaGold Corporation (ASX: OGC) climbed 25 cents, or 7.9% to $3.43, after investment firm, Goldman Sachs added the company to its high conviction list, suggesting the company will see considerable earnings growth in the 2013 financial year, due to commissioning of its Didipio gold and copper project in the Philippines this quarter. The project is expected to increase production, lower cash costs and improve both cash flows and return on equity.

Perseus Mining Limited (ASX: PRU) added 16 cents, rising 6.6% to close at $2.58, perhaps as investors take advantage of the slump in the share price over the past month. Perseus shares were trading close to $3 in early October. A positive analyst recommendation, and an outperform rating may have helped too.

Saracen Mineral Holdings Limited (ASX: SAR) also rose 6.6%, ending at 48.5 cents, after the company announced that it had secured several finance facilities from Macquarie Group (ASX: MQG). The majority of the funds will be used to expand its open pit operations, and upgrade its processing plant, with first gold from the expanded pit expected in the September quarter 2013. The news should mean the company won't need to ask shareholders to contribute additional funds in the short to medium term.

If you only invest in one company this year, make it our "Top Stock for 2012-13". Operating in two hot markets — one set to double by 2012, the other predicted to grow 5x over the next five years — this stock is a solid growth play that also boasts strong recurring revenue, zero debt, and lots of cash. Get its name and full research case in this brand-new FREE report.

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Motley Fool writer/analyst Mike King owns shares in Saracen Minerals. 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.

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