UBS analysts have succumbed to the ‘Jack Dorsey Effect’, upping their valuation on Afterpay (ASX:APT) from $42 to $140 following the proposed acquisition by Square Inc.

But that switch-up resembles more of a beginner’s cartwheel compared to the backflip performed by management at content subscription website OnlyFans.

Following increased regulatory scrutiny and concerns over exploitation, the company announced plans on August 21 to ban user material containing sexually explicit conduct.

Saucy content is the company’s main channel of business, however. And it’s commitment to that new content pathway lasted all of five days, following a backlash from customers and “independent content creators” on the site.

Overnight, OnlyFans announced on Twitter that it has suspended the new policy change, which was scheduled to go into effect from October 1.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for August 26 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Market Cap
NPM Newpeak Metals 0.0015 50.0% $6,827,435
OEX Oilex Ltd 0.004 33.3% $17,065,291
XTC Xantippe Res Ltd 0.002 33.3% $6,111,847
KNI Kunikolimited 0.97 26.8% $31,726,129
BAS Bass Oil Ltd 0.0025 25.0% $6,687,802
GGX Gas2Grid Limited 0.0025 25.0% $8,092,204
LNY Laneway Res Ltd 0.005 25.0% $15,616,264
VIC Victory Mines Ltd 0.0025 25.0% $13,100,506
ALG Ardentleisuregrpltd 1.285 23.6% $498,894,257
ACP Audalia Res Ltd 0.016 23.1% $8,997,770
OVT Ovato Limited 0.003 20.0% $30,532,031
ARR American Rare Earths 0.195 18.2% $56,810,874
ADX ADX Energy Ltd 0.007 16.7% $15,949,905
SWP Swoop Holdings Ltd 1.48 15.2% $149,985,079
NSX NSX Limited 0.115 15.0% $28,261,308
FEL Fe Limited 0.071 14.5% $46,878,967
WEL Winchester Energy 0.016 14.3% $12,093,286
XST Xstate Resources 0.004 14.3% $11,253,136
FCL Fineos Corp Hold PLC 4.2 14.1% $1,110,169,917
NMR Native Mineral Res 0.245 14.0% $6,194,903
A8G Australasian Gold 0.18 12.5% $5,298,391
ELT Elementos Limited 0.018 13.0% $64,211,709
TEM Tempest Minerals 0.018 13.0% $4,348,661

There were more strong returns for new ASX mining play Kuniko (ASX:KNI), the Vulcan Energy (ASX:VUL) with zero-carbon production ambitions that stormed up the boards when it listed on Tuesday.

Also ticking higher was energy minnow Bass Oil (ASX:BAS), which announced a $1m share placement at 0.2c per share to fund its Cooper Basin portfolio acquisition, and optimise drilling operations at its Tangai 5 well in Indonesia.

Outside of resources, theme park operator Ardent Leisure (ASX:ALG) led the way in reporting season after dropping its full-year results this morning.

Despite the heavy impact of COVID-19, ALG said activity at some of its US operations had returned to pre-COVID levels and its optimistic on more domestic theme park activity as travel opens up.

After falling from $1.60 to 20c at the height of the pandemic, ALG shares were trading at around $1.30 following this morning’s gain.

Another reporting season winner was small cap telco play Swoop Holdings (ASX:SWP), which listed on the ASX via a reverse takeover in May.

The company flagged a 165% increase in pro-forma EBITDA to $4.9m, and said it expects FY22 revenues to be “greater than $40m, and underlying EBITDA to be $10m”.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for August 26 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Market Cap
CLZ Classic Min Ltd 0.0015 -25% $44,738,209
MLS Metals Australia 0.0015 -25% $8,454,376
YPB YPB Group Ltd 0.0015 -25% $9,983,641
ARO Astro Resources NL 0.004 -20% $18,820,965
T3D 333D Limited 0.002 -20% $5,232,666
VPR Volt Power Group 0.002 -20% $23,361,334
APX Appen Limited 11.32 -18% $1,700,895,339
SEG Sports Ent Grp Ltd 0.21 -16% $57,775,264
WFL Wellfully Limited 0.105 -16% $26,227,558
SIX Sprintex Ltd 0.06 -14% $14,977,993
DDD 3D Resources Limited 0.0035 -13% $15,521,488
MRD Mount Ridley Mines 0.0035 -13% $20,060,494
BIR BIR Financial Ltd 0.021 -13% $1,950,009
LVT Livetiles Limited 0.15 -12% $155,072,199
ZNO Zoono Group Ltd 0.58 -11% $108,148,823
SBW Shekel Brainweigh 0.12 -11% $20,678,625
CYQ Cycliq Group Ltd 0.025 -11% $9,730,466
RNO Rhinomed Ltd 0.31 -10% $87,564,151
A2B A2B Australia Ltd 1.18 -10% $157,764,195
LNK Link Admin Hldg 4.66 -10% $2,761,564,786
EQE Equus Mining Ltd 0.01 -9% $27,517,500
AZS Azure Minerals 0.325 -8% $109,778,681

Among stocks with news, leading the laggards was tech company Appen (ASX:APX), which remains under pressure and is trading back near $10 after climbing to post-COVID highs above $40.

Shares in APN fell after the release of its half-year results. The company also announced the acquisition of Quadrant, a “global leader in mobile location and Point-of-Interest (POI) data”, the company said.

Commercial terms of the deal are for a US$25 million up-front payment, with potential payment of up to US$20m in Appen shares in revenue targets are achieved over the next two years.