After a slow start to the week Basic Materials stocks bounced back on Wednesday as the sector posted a 2.57% gain and it was New Generation Biofuels Holdings, Inc. (NASDAQ: NGBF) heading the list of biggest percentage gainers with a 21.92% spike to close at 0.094 on the day. It hasn’t exactly been easy for NGBF, which through its wholly owned subsidiary, New Generation Biofuels, Inc., holds an exclusive license to commercialize proprietary technology to manufacture an alternative biofuels from vegetable oils and animal fats in North America, Central America, and the Caribbean, as the company sank to a 52-week low of 0.06 late last month but Wednesday’s gains inched them closer to the 50-day moving average of 0.10 but they remain a far cry from the 200-day moving average of 0.41.
TOR Minerals International, Inc. (NASDAQ: TORM), a specialty chemical company engaged in the manufacture and marketing of mineral products for use as pigments, pigment extenders, and flame retardants for the manufacture of paints, industrial coatings, plastics, catalysts, and solid surface applications, saw shares climb 9.59% on Wednesday to close at 9.37. Shares hit a high of 10.39 on the day as volume was more than 3x its average and shares remain above the 50-day moving average of 8.06 and 200-day moving average of 6.27.
Following news that they had closed their purchase of a Canadian company with substantial platinum and palladium reserves, Stillwater Mining Company (NYSE: SWC) saw a 9.94% jump in share price to close at 20.80. Nearly 2x the average volume trading took place on SWC as shares neared the 52-week high of 21.73 and they remained above the 50-day moving average of 18.02 and 200-day moving average of 14.81.
Denison Mines Corp. (AMEX: DNN), which is engaged in the exploration, development, mining, and milling of uranium primarily in the United States and Canada, saw a boost of 9.35% on Wednesday to close at 3.39. Shares actually hit 3.43 during the day, a new 52-week high, and they continue to put distance between the 50-day moving average of 2.25 and 200-day moving average of 1.62.
With more than 2x their average volume trading hands on Wednesday shares in CTI Industries Corp. (NASDAQ: CTIB) rose 7.71% to close at 5.73. The company, which develops, manufactures, and supplies flexible film products in the United States and internationally, is trying to battle back from an ugly drop in share price that went from a 52-week high of 9.73 on November 3 to 5.03 on November 15. As it stands shares are still below the 50-day moving average of 6.95 but have past the 200-day moving average of 5.65.