Three ASX stocks gaining market attention- ZLD, AMD, RIE

Highlights:

• Benchmark index ASX 200 settled nearly flat this week.
• The slowing Chinese economy was one of the major reasons influencing the market this week.
• Despite the existing environment, ASX stocks ZLD, AMD, and RIE gained huge market attention.

In the trading week ended 15 July 2022, ASX 200 index settled almost flat. On 15 July 2022, ASX 200 slipped 0.68% to 6,605.60 and crossed below its 20-day moving average, driven by a slowing Chinese economy due to rising COVID-19 cases crisis in property and banking sectors. These factors have impacted the profits of many big players from the mining space.

Despite these ongoing challenges in the market, many ASX-listed stocks have grabbed huge market attention this week. This article will look at three such stocks and see their developments this week.

Zelira Therapeutics Ltd (ASX: ZLD)

Zelira Therapeutics grabbed investor attention following the release of an update related to the approval of Zenivol® from the German regulatory authority BfArM (The Federal Institute for Drugs and Medical Devices Bundesinstitut für Arzneimittel und Medizinprodukte) via its German commercialisation partner Adjupharm GmbH.

 Zelira Therapeutics is engaged in researching, developing, and commercialising clinically validated cannabinoid medicines. It has a portfolio of proprietary revenue-generating products along with a pipeline of candidates undergoing clinical development that are placed to access the largest and fastest-growing markets in the world.

This week, ZLD shares delivered a massive return of ~142.76%. On 15 July 2022, ZLD shares settled at A$3.520, up 8.978% from the previous close.

The Company highlighted that the formal approval of Zenivol® is a major milestone in the Company's expansion into Germany, amongst the world's biggest cannabinoid-based medicines and Europe's largest market.

Arrow Minerals Limited (ASX: AMD)

Gold-focused mineral exploration company Arrow Minerals shares zoomed on ASX this week by 100%. On 13 July 2022, the Company announced that it entered into a non-binding term sheet to acquire up to a 60.5% controlling interest in Amalgamated Minerals Pte. Ltd. Amalgamated Minerals is a private Singaporean registered company that has 100% interest in the Simandou North Iron Project in Guinea, West Africa.

This project is an excellent early-stage chance that offers AMD with admission to the top iron belt in West Africa at a time where important infrastructural developments are in progress.

On the same day, the Company announced that it received firm commitments from qualified sophisticated and professional investors to raise A$350,000 via the issue of 58,333,334 fully paid ordinary shares in AMD. Each share under this placement will be issued at 0.6 cents.

The proceeds from the placement will be used on AMD's current projects and to complete due diligence on the Simandou North Iron Project, which has been secured under a three-month exclusivity period.

By the end of the day's trade on 15 July 2022, AMD shares settled at 0.005, up 25% from the previous close.   

Riedel Resources Limited (ASX: RIE)

Riedel Resources shares moved up over 33% this week. On 15 July 2022, the Company announced that it received further high-grade assays from the Tintic zone at Kingman Gold Project, USA. Riedel Resources is a developing mineral exploration business that focuses on advancing the historic high-grade Kingman Gold Project in North-West Arizona.

Below are the drill results:

• 1.5 metres @ 27.5 g/t Au and 37 g/t Ag from 13.7 metres (2022-CHL-008B), including – 0.8 metres @ 53.3 g/t Au and 63 g/t Ag from 13.7 metres.
• 3.0 metres @ 5.05 g/t Au and 58 g/t Ag from 27.4 metres (2022-CHL-096) including – 1.5 metres @ 9.37g/t Au, 112g/t Ag, 2.4% Pb and 2.2% Zn from 27.4 metres.
• 3.0 metres @ 2.53 g/t Au and 13 g/t Ag from 12.2 metres (2022-CHL-097A) including – 1.5 metres @ 4.07 g/t Au and 18 g/t Ag from 12.2 metres.
• 1.5 metres @ 6.77 g/t Au and 23 g/t Ag from 11.4 metres (2022-CHL-097) including – 0.8 metres @ 11.47 g/t Au and 35 g/t Ag from 11.4 metres.
• 2.3 metres @ 2.62 g/t Au and 21 g/t Ag from 46.5 metres (2022-CHL-075E) including – 0.8 metres @ 6.16 g/t Au and 42 g/t Ag from 46.5 metres.

By the end of the day's trade on 15 July 2022, RIE shares settled at 0.008, up 60% from the previous close.

Bottomline:

The progress made by the above companies amid the existing market condition fuelled their stock prices on ASX. It would be interesting to see how these stocks will perform in the coming period.

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