ASX Small Cap Lunch Wrap: Small caps drop, but Afterpay breaks ATH at $159
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Small caps have pulled back this morning, along with the rest of the Australian market.
The local bourse gained at the open but by lunchtime nearly every sector was in the red, with the All Ordinaries down 0.59 per cent and the Small Ordinaries falling 24.8 points, or 0.77 per cent, to 3,199.2.
Every sector was in the red except for energy, which was flat, and tech, which was up 0.4 per cent. Property trusts were the biggest losers, falling 1.8 per cent, after office giant Dexus (ASX:DXS) reported a slump in profits.
But Afterpay (ASX:APT) hit a new all-time high of $159, although by lunchtime it was trading at $155.41, still up 1.3 per cent.
Ecograf (ASX:EGR) was up 33.1 per cent to an all-time high of 90.5c after the battery announcing yesterday it had authorised a contractor to begin construction on a new battery graphite facility in Western Australia.
Starpharma (ASX:SPL) hit an all-time high of $2.10 – and at lunchtime was trading at $2.05, up 5.1 per cent – after the dendrimer drug development company announced its partner AstraZeneca would expand its development program for AZD0466, an AstraZeneca drug that Starpharma has reformulated. AstraZeneca will hold a global phase 1 study to examine the drug’s ability to fight acute leukaemia.
Alterity Therapeutics (ASX:ATH) is up 18 per cent to a three-month high of 4.6c after getting $495,000 in funding from the Michael J Fox Foundation for researching the optimal dose of its lead drug candidate ATH434 in treating Parkinson’s.
Best performing stocks on the ASX Tuesday morning. Those highlighted have released announcements.