The Australian dollar is fairly steady against the US dollar, fetching US 102.95 cents.
These three stocks were the best performers in the ASX 200, rising by more than 7%.
Consumer electronics retailer JB Hi-Fi Limited (JBH.AX) saw its shares soar by 17.1% to close at $12.89, apparently the second biggest rise since listing 9 years ago. JB Hi-Fi reported a 3% increase in first half net profit, beating analyst expectations, and forecasting a much improved full year result. Short-sellers may have been amongst the buyers, as JB Hi-Fi was the most heavily shorted stock on the ASX, with many traders expecting the share price to fall on weak results.
Maverick Drilling and Exploration Limited (MAD.AX) saw its shares rise 9.3% to end at 64.5 cents. The oil explorer and producer has seen its shares on a roller-coaster since the beginning of 2012, when it was trading around 20 cents. The share price rocketed up to over $1.40 in just four months, then after a brief drop below $1, and another rise back over $1.40 in August 2012, shares have steadily slid back down to around 60 cents. With an estimated 100 million barrels of oil equivalent in reserves, Maverick looks cheap, but has been unable to translate potential into production so far.
Alacer Gold Corp (AQG.AX) rose 7.5% to close at $4.59, after the gold miner announced that it will reap $166 million from the sale of its minority stakes in the Frog’s Leg joint ventures in Western Australia and other non-core assets, as it completes a major strategic review. Alacer intends to return $70 million of the proceeds to shareholders as a special dividend, and will start to pay out dividends beginning in 2014. Alacer will also start reporting an all-in approach to cash costs (something other miners have already begun).
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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, 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. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. Motley Fool writer/analyst Mike King owns shares in JB Hi-Fi and Maverick.