Lunchtime ASX small cap wrap: who’s sprinting ahead

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Here are the key ASX small cap winners and losers at lunch Friday Aug 10:

The ASX Small Ords was down 2.4 points or 0.08 per cent to 2825.4 at 1pm AEST.

GOING UP

Investors in baby goods retailer Baby Bunting (ASX:BBN) have sent the stock to its highest point in 18 months after the release of full-year results this morning.

The stock — which had been trading between $1.40 and $1.80 over the past few months — rocketed to $2.19, up 26 per cent.

This was off the back of a 9 per cent increase in revenue to $303 million — though profit dropped considerably, down 29 per cent to $8.6 million.

It’s the highest the stock has traded since the first day of 2017, when shares sat at $2.41 — and short of its all-time high of $3.05 in September 2016.

US-focused oil and gas explorer Fremont Petroleum (ASX:FPL) jumped 12.5 per cent to 0.9c today after reporting a significant increase in the oil resource (rated at 90% probability) at its Pathfinder field in Colorado.

Oil and gas resources “have increased very materially”, the business told investors. Gas was up 145 per cent to 540 billion cubic feet and the oil resource was up 55 per cent to 55 million barrels.

Research found Pathfinder’s geology was “comparable to Colorado’s prolific Wattenberg Field, a field that has produced 2.8 trillion cubic feet of gas and could yield a further 5.2 trillion”.

Gold miner Cervantes Corp (ASX:CVS) is up 18 per cent today after resolving a contract issue with Baraka Energy & Resources (ASX:BKP).

Cervantes agreed to give up fees and rights it had over one of Baraka’s two projects — an iron sands venture in the Philippines. In exchange, Cervantes gets a $900,000 loan which is interest-free for two years.

Cervantes said it expects to repay the loan earlier on the back of strong results at gold projects in Western Australia.

Cervantes last month reported results ranging from 67 grams of gold per tonne to 202.8 g/t. Anything above 5g/t is considered high-grade.

Yesterday the miner told investors that gold mineralisation at its WA Primrose project was “much more pervasive than indicated in historic drilling”.

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Centaurus Metals (ASX:CTM) moved ahead 11 per cent to 1c after finding broad zones of scandium at its Itapitanga nickel and cobalt project in northern Brazil.

“The discovery adds a potentially valuable by‐product which further enhances the quality of the emerging high‐grade nickel and cobalt discovery,” the explorer told investors.

Centaurus boss Darren Gordon said the scandium would be mined and processed together with the nickel and cobalt.

It had “the potential to be a material by‐product credit given the strong recoveries seen in the initial metallurgical testwork program and the price currently being reported in the market,” he said.

Here are the best performing ASX small cap stocks at 12.45pm Friday, Aug 10:

Swipe or scroll to reveal the full table. Click headings to sort

GOING DOWN

Tanzania-focused coal miner Intra Energy (ASX:IEC) reported record monthly coal sales for its 70-30 joint venture with the local government in July.

Sales were up 62,297 tonnes compared to 48,857 tonnes in July 2017.

But it wasn’t enough to please investors.

The stock fell 23 per cent to 1c after a run-up from 0.7c to 1.3c last month.

Here are the worst performing ASX small cap stocks at 12.45pm Friday, Aug 10:

Swipe or scroll to reveal the full table. Click headings to sort

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