Today was an unremarkable day for the S&P/ASX 200 (INDEXASX: ^AXJO) (ASX: XJO), which lost 0.1% to 5,106 points.
Resource stocks dominated the risers, a number of which outperformed the index:
WHITEHAVEN COAL LIMITED (ASX: WHC) rose 8% to $0.74, taking the company's gains to more than 100% from a low of $0.35 in February. Whitehaven has regained a lot of ground partly as a result of rising metallurgical and thermal coal prices in recent weeks, as well as some bargain hunting from fund managers. Whitehaven does remain vulnerable to movements in the value of coal, which depends on the metrics of supply and demand, but management has done a great job trimming costs in recent times.
Whitehaven shares are down 52% in the past 12 months.
AWE Limited (ASX: AWE), like LNG below, gained 5% to $0.67 on the back of a lift in natural gas prices overnight. AWE shares are up more than 50% in the past few weeks, despite the removal of the company from the ASX200 index as a result of its plunging market capitalisation, which was caused by weak oil and gas market prices. Recent price rises also defy a significant loss posted by AWE in the most recent period of $63 million, up from a loss of $14 million in the prior period.
AWE shares are down 45% in the past 12 months.
Liquefied Natural Gas Ltd (ASX: LNG) lifted 4% to $0.62 thanks to rising gas prices, although shares have traded flat over the past three months or so without any catalysts to move the share price around. Project approvals and a port lease extension, combined with an $80 million loss after tax on no revenues weren't likely to get shareholders excited, and so it has proved. LNG appears to be treading water and biding its time as a result of its struggles to sign binding off-take agreements for its flagship Magnolia LNG project.
Liquefied Natural Gas shares are down 81% in the past 12 months.
Future Fibre Technologies Ltd (ASX: FFT) leapt 13% to $0.90 as a result of bargain hunting following the stock hitting a 52-week low and its inclusion in the All Ordinaries index. Future Fibre recently delivered a solid report to the market with a 55% increase in revenue, and this from Chief Executive Rob Broomfield: "With a substantial project pipeline of potential sales opportunities and a backlog of orders received late in the first-half and due to be shipped in the coming months, FFT expects stronger operating cash flows in 2H2016 from current and anticipated orders." Future Fibre Technologies is a loss-making business, although with $14 million cash in the bank it is well funded to continue operations.
Future Fibre shares are up 8% in the past 12 months.
