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Stainless steel and carbon steel engineer and manufacturer ZK International Group (NASDAQ:ZKIN) has regained compliance with Nasdaq over a bid price deficiency after the company's closing bid price exceeded $1.00 for 10 consecutive business days.
In November, the Nasdaq Hearings Panel granted ZK International a temporary exception until Jan. 31, 2024, to regain compliance. ZK International is currently trading at $1.11.
As of this writing, four stocks within the materials sector are trading at overbought levels, which could signal that a shift in momentum is on the horizon.
Alcoa Corporation (NYSE:AA), Glatfelter Corporation (NYSE:GLT), Aspen Aerogels, Inc. (NYSE:ASPN) and Ingevity Corporation (NYSE:NGVT) have all seen significant price increases over the past month, with their RSIs exceeding the typical overbought threshold of 70.
Given these sizable moves over the month and the overbought RSI levels, these four companies could see a reversion to the mean in the short term.
The month-to-date performance and RSI levels for each company are:
After Gold Fields Limited (NYSE:GFI) announced its share purchase agreement with Galiano Gold Inc. (NYSE:GAU) to sell its stake in the Asanko joint venture in Ghana on Dec. 21, Galiano Gold is set to own 90% of one of the largest gold mines in West Africa. The government of Ghana will own the remaining 10%.
Galiano Gold’s commitment to acquire a 45% stake in the gold mine for $170 million (bringing its total stake to 90%) came after the company provided an update on its exploration activities at the Asanko Gold Mine.
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