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ASX Small Cap Lunch Wrap: Who’s drinking from a glass half-full today?
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The ASX climbed this morning off the back of a strong lead from US stocks, as Wall Street got excited about the latest medical development to treat COVID-19.
The S&P500 closed 2.66 per cent higher amid optimism about the effectiveness of experimental drug remdesivir.
Speaking at the White House overnight, America’s top infectious diseases expert Dr Anthony Fauci said the drug had shown a “clear-cut, significant, positive effect in diminishing the time to recovery”.
Those comments were in response to a global placebo-controlled test on more than 1,000 patients.
While not as robust as a clinical trial, Dr Fauci said he had an ethical obligation to report the results so the drug treatment could be applied immediately to patients that received the placebo.
Local markets were more cautious in their response, as the ASX200 edged higher at the opening bell before climbing to a gain of more than 1 per cent into midday trade. The Small Ords Index led the big end of town with a gain of 1.9 per cent.
WINNERS
Here are the best performing ASX small cap stocks at 12pm Thursday April 30:
Swipe or scroll to reveal the full table. Click headings to sort.
| CODE | COMPANY | PRICE | % CHANGE | MARKET CAP |
|---|---|---|---|---|
| TAO | Tao Commodities | 0.078 | 95.00% | $2.5M |
| CLZ | Classic Minerals Ltd | 0.002 | 50.00% | $7.4M |
| AAJ | Aruma Resources Ltd | 0.003 | 50.00% | $2.1M |
| PNN | Pepinnini Minerals Ltd | 0.003 | 50.00% | $4.4M |
| MTB | Mount Burgess Mining NL | 0.003 | 50.00% | $1.6M |
| AFR | African Energy Resources | 0.028 | 40.00% | $17.4M |
| BAR | Barra Resources Ltd | 0.019 | 35.71% | $11.3M |
| DCG | Decmil Group | 0.18 | 33.33% | $43.1M |
| FPL | Fremont Petroleum | 0.004 | 33.33% | $5.0M |
| QFY | Quantify Tech | 0.003 | 25.00% | $4.0M |
| XTC | Xantippe Resources | 0.0025 | 25.00% | $6.7M |
| RIM | Rimfire Pacific Mining NL | 0.005 | 25.00% | $7.6M |
| VN8 | Vonex | 0.125 | 25.00% | $21.4M |
| SSM | Service Stream | 0.021 | 23.53% | $717.2M |
| TNR | Torian Resources Ltd | 0.016 | 23.08% | $8.3M |
| LON | Longtable | 0.14 | 21.74% | $29.0M |
| CV1 | CV Check Ltd | 0.09 | 21.62% | $26.3M |
| SPZ | Smart Parking Ltd | 0.115 | 21.05% | $41.3M |
| HYD | Hydrix | 0.1 | 20.48% | $8.0M |
| MNW | Mint Payments | 0.006 | 20.00% | $5.5M |
| GNM | Great Northern Minerals | 0.006 | 20.00% | $2.6M |
| STM | Sunstone Metals | 0.006 | 20.00% | $10.4M |
There was a heavy resources flavour to the winner’s list today, amid the ongoing focus on small cap gold explorers while prices for the precious metal hold steady at record highs.
Junior explorer Tao Commodities (ASX:TAO) led the pack, almost doubling up in morning trade after a promising gold strike at its Milford project in Utah.
Early stage rock sampling returned high grades like 17.4 grams per tonne (g/t) gold and 8.760g/t silver at Milford, where the company had previously focused on zinc, copper and lead deposits.
Click here for Reuben Adams’ summary of all the small-cap gold hopefuls with promising market updates this morning.
Elsewhere, quarterlies season got into full swing as a host of companies submitted their 4C filings for the March quarter.
We’ve compiled the best of the lot in this quarterlies wrap, including online recruitment play CV Check (ASX:CV1) which climbed onto the lunchtime winner’s list after announcing it had surpassed $10m in annualised recurring revenue (ARR) for the first time.
LOSERS
Here are the worst performing ASX small cap stocks at 12pm Thursday April 30:
Swipe or scroll to reveal the full table. Click headings to sort.
| CODE | COMPANY | PRICE | % CHANGE | MARKET CAP |
|---|---|---|---|---|
| SVD | Scandivanadium | 0.007 | -30.00% | $2.1M |
| SMD | Syndicated Metals Ltd | 0.003 | -25.00% | $41.6M |
| GTE | Great Western Exploration | 0.002 | -25.00% | $1.3M |
| RVS | Revasum | 0.255 | -22.73% | $8.2M |
| ESK | Etherstack | 0.155 | -22.50% | $22.7M |
| RAG | Ragnar Metals | 0.005 | -16.67% | $1.6M |
| DLC | Delecta Ltd | 0.005 | -16.67% | $3.5M |
| GEV | Global Energy Ventures | 0.005 | -16.67% | $26.3M |
| KAS | Kasbah Resources | 0.015 | -16.67% | $2.0M |
| SF1 | Stemify | 0.01 | -16.67% | $1.6M |
| ADO | Anteotech | 0.021 | -16.00% | $41.1M |
| WSI | Weststar Industrial | 0.012 | -14.29% | $12.5M |
| NWC | New World Resources | 0.012 | -14.29% | $12.2M |
| AQD | Ausquest Ltd | 0.013 | -13.33% | $10.2M |
| YOJ | Yojee | 0.027 | -12.90% | $30.5M |
| MYQ | MyFiziq Ltd | 0.17 | -12.82% | $21.4M |
| AMI | Aurelia Metals | 0.315 | -12.50% | $314.6M |
| ABV | Advanced Braking Technology | 0.022 | -12.00% | $9.5M |
| ONE | Oneview Healthcare | 0.059 | -11.94% | $11.6M |
| LVH | LiveHire | 0.265 | -11.67% | $81.6M |
While quarterly season can giveth, it can also taketh away. Among the losers was US-based semiconductor company Revasum Inc (ASX:RVS), which reported quarterly cashflow to April 5 of $US2m, down from $US.8.6m in Q4 2019.
RVS said the fall in cashflow was largely due to the timing of shipments in connection with COVID-19, with “the majority of tools” for H1 2020 scheduled to ship in the June quarter.
The company also said costs had been reduced to US$2.1m from US$5.2m, after it furloughed 51 of its 77 employees who were not considered essential to critical operations.
