Stonegate Agricom Ltd (TSX: ST), engaged in acquiring and developing agricultural nutrient projects, is today’s top stock that gained strong share price momentum on expectations that the company is on course to develop its one million tonne-per-year Paris Hills phosphate mine in Idaho by 2014 end. Yesterday, Stonegate’s President and CEO Mark Ashcroft said he sees the company as a potential target for big players who are seeking a secure supply a phosphate, a key fertilizer ingredient.
In the last session, ST was the top performer in the Canadian diversified mining space after gaining 26% while recording huge volumes of 0.54 million shares. During the past 5-trading sessions, ST surged 57% with 5-day daily average trading volumes of 0.3 million shares. The stock also looks bullish technically and zoomed past the key 200 DMA yesterday, signaling strong upward momentum.
Company Description:
Stonegate Agricom Ltd (TSX: ST) acquires, explores, and develops agricultural nutrient projects. The company produces phosphate mineral products to supply regional and international markets for the use in creating fertilizers. Stonegate Agricom offers its products to the agricultural industry.
1-Year Stock Chart:
Source: Bloomberg
