Things are getting decidedly edgy on stock markets to start the year, amid lingering uncertainty around tighter financial conditions, Omicron fears and ongoing supply chain gluts.

That flowed through to an ugly session for ASX small caps after a rough session on Wall Street overnight.

The Emerging Companies index — a composite gauge of stocks outside the ASX 300 — slumped by 3.99% for its worst daily session since September 20.

There were few standouts in Friday trade, as a number of small cap tech stocks got belted while only a small handful of companies posted material gains on market-moving announcements.

Other risk assets including crypto are also under pressure, with Bitcoin slumping below US$40,000 in afternoon Asian trade.

Looking ahead, US markets don’t look on track for a rebound to end the week, with Nasdaq 100 futures markets pointing more than 1% at 4pm EST, following a sharp fall of more than 2% overnight.

TODAY’S BIGGEST SMALL CAP WINNERS

(Stocks highlighted in yellow rose after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

Code Company Price % Volume
PCL Pancontinental Energ 0.003 50% 16,321,346
VPR Volt Power Group 0.003 50% 3,590,417
CAV Carnavale Resources 0.017 42% 211,814,994
CTO Citigold Corp Ltd 0.01 25% 158,204
MEB Medibio Limited 0.005 25% 699,478
MLS Metals Australia 0.0025 25% 7,952,636
VMG VDM Group Limited 0.0025 25% 1,024
XRG Xreality Group Ltd 0.067 24% 10,709,931
99L 99 Loyalty Ltd. 0.033 22% 539,256
PNX PNX Metals Limited 0.006 20% 1,677,515
CRB Carbine Resources 0.033 18% 1,580,424
ORN Orion Minerals Ltd 0.031 17% 31,676,937
ADY Admiralty Resources. 0.014 17% 50,001
COY Coppermoly Limited 0.014 17% 63,700
MTB Mount Burgess Mining 0.007 17% 67,142
JAY Jayride Group 0.22 16% 51,600
NES Nelson Resources. 0.038 15% 2,838,823
CLE Cyclone Metals 0.004 14% 13,024,492
IAM Income Asset 0.2825 13% 3,540
ODM Odin Metals Limited 0.028 12% 162,702
NIS Nickelsearch 0.24 12% 2,137,654

On the winner’s list, interactive technology company XReality Group (ASX:XRG) held its gains from morning trade after announcing that John Diddams would return to the company he helped list (in 2013) as new Chairman.

Carnavale Resources (ASX:CAV) also continued it stellar run this week with a 45% surge on Friday, three days after flagging ‘bonanza’ gold results at its ‘Kookynie’ project north of Kalgoorlie, which included a highlight 16m at 20.92g/t from 161m (inc.10m @ 31.88g/t) from the McTavish East prospect.

Fixed income investment group Income Asset Management (ASX:IAM) also bounced off recent lows with a gain of more than 10% on no news.

 

TODAY’S BIGGEST SMALL CAP LOSERS

(Stocks highlighted in yellow fell after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

Code Company Price % Volume
OXT Orexplore Technologies 0.14 -44.0% 9,718,324
BEZ Besragoldinc 0.1 -28.6% 1,453,072
FEX Fenix Resources Ltd 0.235 -25.4% 22,490,916
WOO Wooboard Tech Ltd 0.0015 -25.0% 5,760,000
NXL Nuix Limited 1.59 -22.8% 7,171,452
AAJ Aruma Resources Ltd 0.089 -22.6% 3,849,979
TSC Twenty Seven Co. Ltd 0.004 -20.0% 2,185,785
YPB YPB Group Ltd 0.002 -20.0% 2,441,736
SMS Starmineralslimited 0.17 -19.0% 25,000
CNR Cannon Resources 0.4 -18.4% 489,537
BMM Balkan M&M 0.405 -18.2% 764,474
CGS Cogstate Ltd 1.9 -18.1% 2,068,111
AUA Audeara 0.115 -17.9% 603,378
CGB Cann Global Limited 0.0025 -16.7% 8,178,794
GGX Gas2Grid Limited 0.0025 -16.7% 300,000
4DS 4Ds Memory Limited 0.096 -16.5% 22,458,841
AV1 Adveritas Ltd 0.115 -14.8% 1,482,419
SMI Santana Minerals Ltd 0.27 -14.3% 2,884,474
ASQ Australian Silica 0.12 -14.3% 315,382
DDD 3D Resources Limited 0.003 -14.3% 23,381,086
HMI Hiremii 0.049 -14.0% 226,400
PVW PVW Res Ltd 0.46 -14.0% 342,601
OIL Optiscan Imaging 0.155 -13.9% 466,487
GO2 Thego2People 0.031 -13.9% 43,856
TOU Tlou Energy Ltd 0.039 -13.3% 701,915

Leading the laggards was Orexplore Technologies (ASX:OXT), which had a lacklustre IPO after raising $2.5m at 25c a share.

The mining technology company is looking to accelerate growth for its GeoCore X10 product which helps to speed up the analysis process from drill results.

 

ANNOUNCEMENTS YOU MAY HAVE MISSED

Sanitiser company Zoona Group (ASX:ZNO) has announced both legal claims against the company have been finalised but it hasn’t come cheaply with a bill of US$700k.

Sky Scrapers General Trading LLC launched legal action following Zoona’s decision in 2020 to terminate its distribution agreement for the UAE and Oman.

Zoona will pay US$700k to Sky Scrapers, split 50:50 between cash and shares, which it says will be partially offset by the return of all stock held by Sky Scrapers with provision of NZ $1 million made in its half-yearly accounts to foot the bill.

In return Zoona has re-acquired complete control of its products in the UAE and Oman.

The Federal Court has ordered a meeting of Over the Wire Holdings (ASX:OTW) shareholders to consider and vote on Aussie Broadband’s $390.4 million takeover of the company.

It was announced Aussie Broadband planned a 100% acquisition of shares in OTW by way of a scheme late last year. The court also approved distribution of an explanatory statement providing information about the scheme to shareholders, with the virtual meeting scheduled for Febuary 24.

TRADING HALTS

The following companies went into a halt on Friday and are expected to recommence trading over the next few days.

Carnaby Resources (ASX:CNB) — Capital raising
Regis Resources (ASX:RRL) — Geotechnical incident at Rosemont open pit
Sultan Resources (ASX:SLZ) — Capital raising