Mid-Week Top 10 ASX Companies

The S&P/ASX 200 Index made a late rally to 0.24 percent higher after a steep drop amidst negative pressure from abroad with many top indices in the red.

Among the top performing sectors today, technology and payment companies stole most of the limelight. For Tech, Nearmap (ASX:NEA) and Catapult Group (ASX:CAT) both surged 9.4 percent.

Payment firms, EML Payments (ASX:EML) crossed double digits to gain 12.8 percent, Zip Co (ASX:Z1P) firmed 8.4 percent and Tyro (ASX:TYR) rose 6.1 percent.

Iron ore producers closed mostly mixed after a good run as BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) both slid 0.9 percent and 0.4 percent, but Fortescus Metals Group (ASX:FMG) gained 0.2 percent to restore some confidence.

Horizon Oil Ltd (ASX:HZN)
Troubled oil and gas explorer, HZN, topped our table today with over 23% gains to close $0.073. Having only recently replaced the CEO, Michael Sheridan, with then acting-CEO, Chris Hodge, HZN’s share price hit rock-bottom near end-March. Will the weak global demand for oil in recent weeks, HZN could be seeing a resurgence as more Mining and Energy companies are beginning to turn the tide.

Alliance Aviation Services Ltd (ASX:AQZ)
AQZ broke 23.7 percent after the company informed investors it had secured contracts to fly mine workers and footballers to regional sites. These contracts carry a potential AUD 40m PBT which translated to 22 percent higher over the same period last year, which AQZ made $32.8m PBT. The aviation sector has seen a bit of resurgence of late amid loosening of lockdown measures across Australia and domestic travel slowly gaining in recent weeks.

Global Traffic Network Ltd (ASX:GTN)
GTN has a low debt-to-EBITDA ratio of 0.42 while actually receiving more interest than it paid throughout 2019. Although this leaves GTN in a good position to hold debt, its EBIT has dropped 51% since May 2019. Between 2017 and 2020, GTN managed to maintain cash flow of 74% of its EBIT, which puts them in a good state to repay debt when necessary. The healthy gains today of 23.29% puts the broadcast media giant in a good spot to recover back to pre-COVID levels.

Musgrave Minerals Ltd (ASX:MGV)
Since its announcement to recommence drilling at the High-Grade Starlight Link Lode, since early May, couple with the strong Gold rally of late, MGV performed 19.23% higher today after the bell rang. Its biggest project is the Cue Gold Project which hosts mineral resources totalling 6.45 million tonnes at 3 g/t gold for 613,000 ounces contained gold.

Silver Mines Ltd (ASX:SVL)
On 19 May, SVL was granted three new exploration licenses at the Tuena Gold Project thus quadrupling its size from current, now standing at 747 square kilometres. This project is based on the Godolphin-Copperhania-Structural Zone that hosts the multi-million-ounce McPhillamys Gold Project in NSW. SVL has also discovered two new target areas with gold and base metals mining potential. SVL is planning to expand exploration activities, including drilling, in 2020Q3 subject to approvals and COVID-19 restrictions.

Honorable Mention:
Rarex Ltd (ASX:REE)
Rare Earths explorer and developer, RareX Ltd, saw its shares jumped over 70% after its latest ASX announcement title “Mineralisation Encountered In First Drill Hole At Trundle Lachlan Fold Belt”. Below are some of the highlights quoted directly from the official document.

• First hole  of  current  drill  program  at  Trundle  Park  target  has  intersected  multiple  mineralised zones including shallow 28 metre interval from 55 metres
• Hole confirms  the  targeted  setting  of  skarn  and  adjacent  porphyry  intrusion,  analogous to Cadia and multiple other world-class porphyries
• Prospectivity and scale of the target zone significantly expanded at Trundle Park, the first of three targets of the ongoing drilling program
• Trundle is the only brownfield project held by a listed junior in Australia’s foremost porphyry belt,  being  within  the  same  mineralized  complex  as  Australia’s  second  largest porphyry mine at Northparkes

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