ASX Small Cap Lunch Wrap: Tech continues its winning ways
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Small caps have resumed their winning ways after yesterday’s dip, and are outperforming their larger peers.
The Small Ordinaries index of Australia’s 101st to 300th biggest companies was up 18.3 points, or 0.56 per cent, at lunchtime, after Monday’s 25.1-point selloff snapped a six-day winning streak.
Meanwhile the ASX200 was up just 6.5 points, or 0.09 per cent, and the Emerging Companies nano-cap index was flat.
The sector is up 12.9 per cent this month as investors rotate back into high-growth companies following a plateauing of bond yields. Surging yields earlier in the year led to the sector declining 11.9 per cent over February and March.
Zip Co (ASX:Z1P), technically classified as a financial company, was up 9.9 per cent to $9.06 after announcing its third-quarter revenue was up 80 per cent to $114.4 million, compared to a year ago.
Energy, materials, industrials, telecom and utilities were all lower.
Here are the best performing ASX stocks this morning:
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Lion Energy (ASX:LIO) was up 132 per cent to 6.5c after the Indonesia-focused oil and gas company announced a tripling of its Oseil oil reserves.
Island Pharmaceuticals (ASX:ILA) more than doubled in its debut on the ASX after an IPO that raised $7.5 million at 25c a share. At 12.26pm its shares were trading at 62c, up 148 per cent. The company is working to repurpose an oral antiviral drug to fight mosquito-borne viruses, initially dengue fever.
Walkabout Resources (ASX:WKT) was up 39 per cent to 25c after securing a $US20 million debt funding facility to construct a graphite mine in Tanzania.
National Tyre & Wheel (ASX:NTD) had gained 16 per cent to 99c after announcing that third-quarter trading had remained strong and the company now expects to make between $31 million and $33 million in operating earnings for the six months to June 30.
Oilex (ASX:OEX) was down eight per cent to 0.55c after finalising the sale of its stake in an oil field in India.