ASX Runners of the Week: Amplia, archTIS and Vanadium Resources
If you were looking for correlation between the seemingly continuous breakouts of military hostilities between nuclear-armed nations and the market - good luck.
The ASX continued at near all-time highs this week, pulling back a fraction by Friday, as conflict between Iran and Israel continued to rise.
The oil price surged a further 10 per cent this week as Israel turned its focus from Iran's nuclear facilities to targeting its oil and gas infrastructure.
Uranium stocks were the week's main winners. Surprisingly, they were not fuelled directly by global drivers, but rather by investment heavyweight Sprott's physical uranium trust purchase of $200 million worth of uranium oxide, which was announced on Monday.
The result for uranium stocks on the index was deafening. Uranium miners Boss Energy, Paladin Energy and Deep Yellow were among the most heavily shorted on the ASX, making up three of the top 10 shorted companies. A sharp increase in uranium caused a two-fold effect of en masse buying and short seller panic to close out positions, with the big three uranium stocks all surging up 20 per cent on the day.
In a rare shake-up, no Australian-based resource companies feature on this week's Bulls N' Bears' ASX Runners list. Instead, the chocolates went to a groundbreaking Aussie biotech story, which could be on to the makings of one of the biggest breakthroughs in oncology treatment in years.
Up 339% (5.7c – 25c)
This week's Bulls N' Bears ASX Runner of the Week is biotech trailblazer Amplia Therapeutics, which sent the market into an absolute tailspin thanks to a jaw-dropping set of results from a clinical trial for incredibly nasty pancreatic cancer.
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