Top 5 share price gains
Evolution Mining
Weekly rise: 14.7% to $1.13 per share
Share price movement past 12 months: Up 37.8%
In an investor presentation last week, gold and silver miner Evolution Mining (ASX: EVN) outlined how a falling Australian dollar and lower fuel prices were helping to drive sustained annual cost savings.
The Friday preceding, the small cap miner with a current value of around $810m announced a partnership with Phoenix Gold (ASX: PXG) in the form of a 19.9% shareholding in that business. Phoenix currently has a market cap of just $37m; however, its tenements border La Mancha’s Australian operations.
In April, Evolution also entered into a binding agreement with La Mancha Group International BV to acquire 100% of its Australian operations, including a processing plant, a high-grade underground gold mine and an open-pit mine.
Of the Phoenix transaction, Evolution executive chairman, Jake Klein, said “we see benefit in sharing the geological knowledge between our discovery teams to increase the probability of success in this world-class gold camp”.
Transfield Services
Weekly rise: 9.4% to $1.57 per share
Share price movement past 12 months: Up 41.4%
Transfield Services (ASX: TSE) announced last week it would consider re-introducing a dividend payment to shareholders going forward. The company has not declared a dividend since the end of 2013, opting instead to use available funds to strengthen its balance sheet.
It had set a target net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) of less than two times by the end of the 2015 financial year, which it said it was “on track” to reach.
Nevertheless, Transfield, which works across industries including resources, industrials, property and defence, said it expected “challenging macroeconomic conditions” to continue into FY16 in key markets including energy.
Identifying business focuses for the coming years, Transfield also outlined plans for a new service line in the Australian welfare and health sectors to include the provision of various outsourced government services.
Cover-More Group
Weekly rise: 8% to $2.30 per share
Share price movement past 12 months: Down 1.3%
Reporting its most recent half year results in February, travel insurance firm Cover-More Group (ASX: CVO) posted a 15.6% increase in EBITDA to $24.4m and a 10.7% increase in net revenue to $112.7m on the prior corresponding period.
The company said consumer sentiment had fallen in its major market, Australia, over the period, not helped by a weakening Australian dollar.
Cover-More said its growth despite these conditions underlined the increasing diversity of its revenue streams and reaffirmed its commitment to growing its Asian businesses.
The group listed on the ASX in late 2013 and currently operates in Australia, New Zealand, the United Kingdom, China, India and Malaysia.
Ten Network Holdings
Weekly rise: 7.3% to $0.22 per share
Share price movement past 12 months: Down 20%
Shares in embattled media business Ten Network Holdings (ASX: TEN) are down nearly 90% over the past 5 years and 20% over the past 12 months, despite last week’s 7.3% gain to $0.22.
Ten posted a $264.4m loss for the six months to 28 February, which it said was due to a writedown on the value of its television licence as well as a continuing weak advertising market.
The company made an $8m loss in the prior corresponding period.
Ten has been the subject of numerous speculative media reports in recent months, regarding rumoured takeover offers and a potential purchase by Foxtel of a stake in the business.
In its half year results announcement, Ten once again said it “urged caution in dealing in its shares on the basis of media speculation about potential transactions involving the company”.
OzForex Group
Weekly rise: 6.9% to $2.48 per share
Share price movement past 12 months: Down 14.8%
OzForex Group (ASX: OFX) shares are up 24% off their issue price of $2 in October 2013; however, they have fared less well in the past year, down nearly 15% since last May.
Its shares lost 14% of their value in a single week earlier this year when the company announced Westpac would no longer provide its banking services. The resignation of its CEO shortly thereafter saw further falls.
OzForex has since announced a new partnership with a New Zealand bank, to which it will transfer all services previously supplied by Westpac, it said.
In November last year, the company posted a 26% increase in half year net profit after tax to $12m off the back of 19% net operating income growth to $41.6m.
Source: www.mywealth.commbank.com.au
