ASX Small Cap Lunch Wrap: Who’s modestly gaining ahead of the RBA meeting?
It’s the second day of gains for ASX small caps – and while modest, at least this time they’re slightly outperforming their larger peers.
The Small Ordinaries index was up 13.4 points, or 0.43 per cent, to 3,164.4 shortly after noon on Tuesday, while the All Ordinaries index was up just 0.36 per cent.
The index of Australia’s 101st to 300th biggest companies is still 9.1 points away from recovering from Friday’s selloff, however.
The Reserve Bank of Australia is meeting today and scheduled to announce a monetary policy decision at 2.30pm. It isn’t expected to change the cash rate — currently an ultra-low 0.1 per cent — but may tweak its bond-buying program, analysts say.
Sectors were mixed with energy down 1.2 per cent after oil prices fell, utilities and property also dipping and health care and consumer discretionary shares essentially flat. The other six sectors were up – tech the most, by 1.4 per cent.
Nursing home operators gained following the government’s announcement yesterday they would receive a total of $452 million in funding following the aged care royal commission. Regis Healthcare (ASX:REG) was up 3.0 per cent, Estia Health (ASX:EHE) up 1.9 per cent and Japara Healthcare (up 8.0 per cent
Atomo Diagnostics (ASX:AT1) was up 8.7 per cent to 25c after Bell Potter initiated coverage on the rapid diagnostic test kit company, rating it a speculative buy with a 60c price target.
Here are the best performing ASX stocks this morning.
Swipe or scroll to reveal the full table. Click headings to sort. Stocks highlighted in yellow have made market-moving announcements
Cannindah Resources (ASX:CAE) has been the biggest gainer, up 197 per cent to 8.6c, after announcing high-grade gold drilling results at its Piccadily Mining Lease in Queensland southwest of Townsville.
Australian Rural Capital (ASX:ARC) was up 49 per cent to 26c after the agricultural investment company announced it had completed a $388,000 placement to a sophisticated investor at 20c a share.
Eclipse Metals (ASX:EPM) was up 29 per cent to 2.2c after announcing laboratory assay tests on historic surface samples at its exploration license in southwestern Greenland had found strong rare earth mineralisation.
Legacy Iron Ore (ASX:LCY) was down 16 per cent to 1.6c after the WA iron ore explorer announced it had issued 157.5 million shares to sophisticated and exempt investors.
Cullen Resources (ASX:CUL) was down 13 per cent to 2.1c after an exploration update at its Wongan Hills Project in WA.