Share price movements during Diggers & Dealers Day Three

CONFERENCE CALLER: It’s hard to fathom the way the market responds to news.

Doray Minerals (ASX: DRM) and MacPhersons Resources (ASX: MRP) released updated reserve statements that both companies expect to have a positive influence on their respective projects.

However, having presented their cases to the Diggers & Dealers Conference, both suffered a fall in their share prices.

It seems presenting does not necessarily auger well for those involved.

 

Perhaps they will enjoy a rise the following day as we have seen with Evolution (ASX: EVN) and Sirius Resources (ASX: SIR).

These companies also suffered from presenting dayitis, yet have bounced abck reasonably weel on the strength of nothing more than the market opened and people had money to invest somewhere and their dart hit them.

 

The big news for the day was from Hot Chili (ASX: HCH), which announced a MoU with Chilean coper major Compañía Minera del Pacífico S.A.

The company’s share price responded how you would expect on such news closing the day ahead by 8 cents at 28 cents.

Hot Chili should, however not get too cocky and would be advised to take a look at the fortunes of Gold Road Resources (ASX: GOR), which proved the old adage of Yesterday’s News – Today’s Fish Wrapper to hold some truth as its price fell away from the lofty heights it has enjoyed since Monday.

Maybe it too is suffering from the presentation day phenomena.

 

All up it hasn’t been a very encouraging pretend investment exercise with The Roadhouse’s pretend investment portfolio taking another beating losing a further $8407 on Day Three of the conference.

Just as well we were only using pretend money otherwise we would be looking down the barrel of a $14512 loss, which we would find very hard to take.

As we said at the outset, this was an exercise in fun and observation, and never to be taken as an investment guide.

Disclaimer: The above is intended as a guide only. The Roadhouse accepts no responsibility for investments made from this advice, successful or otherwise.

The views, opinions or recommendations of this article do not in any way reflect the views, opinions, recommendations, of The Resources Roadhouse.

The Roadhouse makes no representation or warranty with respect to the accuracy, completeness or currency of the content. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian financial services licensee before making investment decisions.