With more than seven million users on the HotCopper forums, every discussion and speculation can move Australian markets, which is why getting out in front of those trends is so important for any trader worth their salt.
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In this daily HotCopper Trends column, we break down the top three stocks talked about on any given trade day, and why they’ve drawn a daily focus.
Larvotto Resources (ASX:LRV) was the top trender on HotCopper forums through today after turning down a takeover approach from USAC it deemed to “undervalue” the company too much to entertain completely.
While markets (and forum investors) seemed to like the news in general, it only really pushed LRV shares around +0.5% higher, to $1.17.
There may well be another approach from USAC in the near future; the last bid came in around $1.40/sh, so any deal from the U.S. company – or other interested suitors – would likely need to be different there.
Also trending was Ramelius Resources (ASX:RMS), which was mainly thanks to investors discussing the gold miner’s September quarterly report. In that, the $6.4 billion production company confirmed it had underlying free cash flow of up to $129 million and had produced 55,013 ounces in the period.
Through lunchtime, RMS shares actually dropped as much as -5.7%.
And finally, Lindian Resources (ASX:LIN)got chins wagging after it addressed the new Malawi restrictions on exporting raw mineral from the country.
None seemed that confident in the company after the release, which did declare Lindian would be “unaffected” by the block. LIN shares dumped up to -23% through Monday’s trading session to settle at 2.85cps.
And wider, the ASX is up around +0.4% today.
That’s Monday’s HotCopper Market Trends, I’m Isaac McIntyre – see you for close.
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