It’s been a torrid 24 hours for the Commonwealth Bank, which is reeling after ASIC found its “Dollarmites Club” was little more than a marketing ploy targeting schoolkids.

Many thought CBA wouldn’t get back up off the mat after receiving what looked to be a knockout punch – Choice’s ‘shonky’ award for relentless marketing to children.

But it did.

ASIC, however, stalked the punchdrunk CBA around the ring and finally cornered it with the claim its school banking program was “not fit for purpose”.

“School banking program providers fail to effectively disclose that a strategic objective of these programs is customer acquisition,” ASIC thundered.

sad

“School banking programs claim to help children develop long term savings habits; however, providers were unable to demonstrate that these programs in and of themselves improve savings behaviour.”

sad

Shareholders voted with their investment cash, sending the Big 4 up between 1.8% and 2.2% today.

Meanwhile, neobank Xinja collapsed after launching with a bank licence in September last year, raising about $80 million from Australian and offshore investors, and handling around $500 million from savers in that short 15 months.

“The best thing… for Xinja is to pivot away from being a bank,” CEO Eric Wilson informed those customers.

Anyhoo. Non-children’s-saver-account-adjacent stocks are having a good day on the ASX, following the US lead in which the S&P 500 snapped a four-session losing streak – its longest since late September.

At lunch, the ASX 200 is up 83.40 points to 6714.70.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Wednesday December 16:

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Code Name Price % Change Market Cap
CLZ Classic Min Ltd 0.0015 50 $ 15,268,268.31
LCY Legacy Iron Ore 0.058 45 $ 249,889,540.68
HAW Hawthorn Resources 0.15 36 $ 36,686,717.43
KFE Kogi Iron Ltd 0.043 30 $ 27,869,678.96
IKW Ikwezi Mining Ltd 0.005 25 $ 16,260,000.00
XTC Xantippe Res Ltd 0.0025 25 $ 8,149,128.80
VMS Venture Minerals 0.062 24 $ 51,297,208.50
AKO Akora Resources 0.475 22 $ 19,322,604.21
CAU Cronos Australia 0.155 19 $ 6,321,250.00
TMR Tempus Resources Ltd 0.255 19 $ 17,095,196.53
VMY Vimy Resources Ltd 0.062 17 $ 41,269,354.66
ADO Anteotech Ltd 0.105 17 $ 159,887,421.81
AKM Aspire Mining Ltd 0.14 17 $ 60,916,438.20
LEX Lefroy Exploration 0.21 17 $ 21,474,239.94
AAJ Aruma Resources Ltd 0.007 17 $ 9,536,483.42
EM1 Emerge Gaming Ltd 0.078 16 $ 53,975,935.46
HAS Hastings Tech Met 0.18 16 $ 186,668,374.42
RSH Respiri Limited 0.145 16 $ 89,917,598.75
GME GME Resources Ltd 0.058 16 $ 27,843,346.50
GGE Grand Gulf Energy 0.011 16 $ 3,645,620.04
OPY Openpay Group 2.5 16 $ 176,039,172.72

Legacy Iron Ore (ASX: LCY) continued its bonkers run this week, gaining another 30-odd per cent to extend its rise to +550pc for the week.

Here’s why – maybe.

And Estrella Resources found a few dumpers today with a drilling update that pretty confirmed there was, uh, more exploration to be done.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Wednesday December 16:

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Code Name Price % Change Volume Market Cap
SRN Surefire Rescs NL 0.033 -27 56,792,351 $ 32,862,538.80
GNM Great Northern 0.013 -24 7,195,133 $ 15,434,633.27
RFG Retail Food Group 0.07 -23 22,440,881 $ 192,928,663.02
FMS Flinders Mines Ltd 0.95 -20 105,208 $ 200,085,563.75
CG1 Carbonxt Group 0.14 -18 269,386 $ 23,705,641.50
SCI Silver City Minerals 0.019 -17 3,098,264 $ 11,177,085.82
NPM Newpeak Metals 0.0025 -17 470,000 $ 14,004,487.53
NTL New Talisman Gold 0.005 -17 300,000 $ 16,753,352.18
EM1 Emerge Gaming Ltd 0.073 -15 19,895,227 $ 69,282,544.02
STK Strickland Metals 0.047 -15 3,477,792 $ 23,163,333.66
CRN Coronado Global Res 0.98 -14 3,318,210 $ 1,584,541,340.50
AAJ Aruma Resources Ltd 0.006 -14 300,000 $ 11,125,897.33
CPH Creso Pharma Ltd 0.215 -14 26,427,996 $ 172,104,604.25
PIN Pinchme.Com 0.05 -14 36,285 $ 8,201,594.11
CNB Carnaby Resource Ltd 0.31 -13 1,065,204 $ 41,792,516.29
JAT Jatcorp Limited 0.028 -13 13,350,605 $ 32,928,165.98
PUA Peak Minerals Ltd 0.028 -13 2,336,360 $ 17,526,412.67
TYX Tyranna Res Ltd 0.007 -13 1,553,894 $ 10,258,885.34
TRT Todd River Res Ltd 0.049 -13 4,587,060 $ 27,069,768.66