ASX Small Cap Lunch Wrap: Who’s having a close shave today?
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Local markets have had a sluggish start to the week after US stocks fluctuated near all-time highs on Friday night.
Big banks dragged the ASX200 lower while the Small Ords was also in the red.
But we’d be remiss if we didn’t pause the market update briefly to bring you this massive stack from MotoGP overnight:
One of the most terrifying #MotoGP crashes we've EVER seen!!! 😱
— MotoGP™🏁 (@MotoGP) August 17, 2020
The results indicate that when you brake unexpectedly at 300km/h, bad things tend to happen.
In this case, two riderless bikes flying through the air while two other riders (including seven-time champ Valentino Rossi) briefly saw their life flash before their eyes.
But all’s well that ends well and by midday AEST, the local market was finding some traction as the Small Ords battled back into positive territory while earnings season continues in full swing.
Here are the best performing ASX small cap stocks at 12pm Monday August 17:
BMG Resources (ASX:BMG) led the pack, after coming out of a trading halt to announce the share-based acquisition of three “highly prospective” WA gold projects from Oracle Mining.
The cornerstone of the three is the Abercromby project in Wiluna, where BMG plans to explore a number of “existing thick high-grade gold intercepts” as it moves towards proving up a maiden resource.
To fund the deal, BMG announced a $4m share placement, $3m of which it said had already been funded at 5c per share — a discount of more than 100 per cent to today’s trading price above 11c.
The company said implants of the US-made AngelMed Guardian heart-monitoring system — for which Hydrix has exclusive distribution rights into the Asia-Pacific — were successfully completed on four patients in Singapore.
Here are the worst performing ASX small cap stocks at 12pm Monday August 17: