ASX small cap lunchtime wrap: Who wants a Hummer today?
When it comes to major casualties of the GFC people will name Lehman Brothers, and rightly so because it sparked the crisis.
But auto geeks will name Hummer. Its owner General Motors went bankrupt in the crisis and while some of its brands survived, Hummer did not.
Hummers were large SUVs that could operate off-road and came with a price tag that gave it prestige.
But here’s the unlikeliest of comebacks. According to Bloomberg, GM are discussing bringing back the Hummer brand – as an electric vehicle.
But back to the markets and we are only hours away from finding whether or not the US Federal Reserve will follow Australia’s lead and cut interest rates – this week.
It seems a foregone conclusion it will before the years’ end but economists are divided as to whether it will be this week. US markets have been pricing it in overnight and our markets are following suit.
The ASX Small Ords Index has gained 0.37 per cent this morning – up 10 points to 2,831. It is up nearly 3 per cent since the RBA’s rate cut a fortnight ago.
Here are the key ASX small cap movers at lunchtime on Tuesday June 18:
Almost none of today’s biggest gainers had news but a handful had positive momentum in previous days.
Dreadnought Resoures (ASX: DRE) and Rimfire (ASX: RIM) are up 33 per cent today. Last week Rimfire announced it was in negotiations to complete an initial aircore drilling program. Meanwhile, Dreadnought reported positive mineralisation results at its base metals project.
One exemption that had news today was ADX Energy (ASX: ADX), which announced it had the all-clear to proceed with its gas well in Romania. Its stock is up 17 per cent.
Another was water tech De Mem (ASX: DEM) , which gained 23 per cent after revealing it was making money from licensing its technology.
Here are the best performing ASX small cap stocks at lunchtime, Tuesday June 18:
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The biggest decliner with news today was cancer-tech stock Bard1 Life Sciences (ASX: BD1). It fell 20 per cent this morning after announcing a capital raising and board turnover.
Here are the worst performing ASX small cap stocks at lunchtime, Tuesday June 18:
Swipe or scroll to reveal the full table. Click headings to sort