Mining Stocks

Member ‘Rainendown’ Dominating July 2020 Stock Challenge

Cover for Week 4 of the July 2020 Stock Challenge

It’s safe to say we’ve never had a Stock Challenge like this before…

First place member ‘Rainendown’ is now up an eye-popping 342.42% for the month, almost exactly double from where he was last Friday. Needless to say, Rainendown could be a new all-time record for Stock Challenge — should he be able to hang onto his gains. Meanwhile, second place member ‘heyjude’ is up a whopping 244.62%, while third place member ‘firefly’ is up 169.11%. Worth noting as well is the fact that the top 16 all currently have triple-digit returns — something we haven’t ever seen in the history of Stock Challenge. Although Sona Nanotech (which is up approximately 341.21% this month) is largely to thank for these massive returns, gold and tech companies are playing a large role in the phenomenal gains we’re seeing this month.

Generally speaking, the Stock Challenge Index (SCI) has been euphoric this month, closing at a high of 19.92% yesterday. The SCI fell alongside major indices to close slightly lower at 18.67% today.

Discovery Metals Corp. Breaks Out as LexinFintech Holdings Breaks Down

Discovery Metals

Discovery Metals, a Canadian exploration and development company focused on advancing it’s flagship Cordero silver project in Chihuahua, Mexico, set a new 52-week high today by rising 27.27% from C$1.32 to C$1.68. The company announced today it had arranged a non-brokered institutional private placement to raise C$35,000,000.

Via Discovery Metals,

Taj Singh, Discovery’s President and CEO stated: “We are very pleased with the continued support of our largest shareholders which recognizes the exceptional exposure Cordero offers to increasing silver prices. Recent drill results show that our 100%-owned Cordero project is developing all the attributes of a tier 1 project – grade, scale, significant organic growth opportunities and well located in one of Mexico’s premier mining belts. . .”

LexinFintech Holdings

LexinFintech Holdings, a leading online consumption and consumer finance platform for educated young professionals in China, fell 4.34% from US$8.99 to US$8.60 today. The company last announced its unaudited financial results for Q1 2020 in early June.

Via LexinFintech Holdings,

“Adjusted net loss was RMB596 million, as compared to adjusted net income of RMB464 million for the first quarter of 2019. Adjusted net loss per ADS was RMB3.28 on a fully diluted basis.”

LexinFintech’s chairman and chief executive officer, Mr. Xiao, commented on the results,

“Our first quarter performance was quite strong, but due to the combination of the adoption of a new accounting policy and the impact of COVID-19, certain events occurred which results in our first quarter numbers becoming not as comparable to our past results . . .”

One Week Left in the July 2020 Stock Challenge

This month’s contest has been incredible, to say the least. Although it looks like Rainendown will secure a first place victory, you never know when it comes to Stock Challenge…


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