ASX Small Cap Lunch Wrap: Who’s bouncing back with a bang today?
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After falling by a record seven per cent in June, Australia’s economy has bounced back.
GDP growth for the September quarter came in at 3.3 per cent this morning, bringing the country out of a technical recession.
Reflecting the impact of COVID-19, economic growth in annual terms still slumped by 3.8 per cent — the largest fall since World War II.
Local stocks were relatively directionless in morning trade, as the ASX200 edged lower while the Small Ords Index traded flat.
November’s barnstorming rally makes for a more complex setup into December as the global economy emerges from the worst of the crisis (oh, and there’s also plenty of IPOs in the can before markets clock off for Christmas).
Here are the best performing ASX small cap stocks at 12pm Wednesday December 2:
Swipe or scroll to reveal the full table. Click headings to sort.
Penny stock Cycliq Group (ASX:CYQ) rose after telling the market it got a boost from the Black Friday/Cyber Monday ecommerce promotion over the weekend.
The $4m market cap company, which manufactures lights and safety cameras for bikes, said it booked unit sales of 5,413 over ‘Cyber Weekend’ — up from 2,685 in 2019 — with average revenue per unit of $250 (up 44 per cent). Shares in CYQ ticked higher by 50 per cent at the opening bell.
Also posting a 50pc gain in morning trade was medicinal cannabis company Creso Pharma (ASX:CPH), following a sales announcement in the European market.
Creso flagged additional sales for its anibidiol® line of animal health products, with three new purchase orders totalling CHF277,000 ($414,000).
Here are the worst performing ASX small cap stocks at 12pm Wednesday December 2: