Closing Bell: ASX snaps 2-day losing streak, a healthcare IPO slumps 40%

Local stocks edged higher on Thursday, as the ASX 200 closed up by 0.13% following two days of losses.

Banking stocks fell again after getting hammered yesterday, while money moved back into big-name gold stocks as inflation jitters continue to linger in the background.

The big end of town outperformed the microcap Emerging Companies index which fell by 0.76%. But along with the usual round of resources winners, a number of small cap tech stocks outperformed in Thursday trade.

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
STM	Sunstone Metals Ltd	0.105	52.2%	151,387,567
FFG	Fatfish Group	0.075	37.6%	66,294,489
MKL	Mighty Kingdom Ltd	0.205	36.7%	4,333,863
ICN	Icon Energy Limited	0.02	33.3%	4,275,036
PGO	Pacgold	0.6	25.0%	589,818
CCE	Carnegie Cln Energy	0.0025	25.0%	6,790,172
YPB	YPB Group Ltd	0.0025	25.0%	15,893,665
KWR	Kingwest Resources	0.19	22.6%	2,099,894
TLM	Talisman Mining	0.19	22.6%	822,945
PYR	Payright Limited	0.28	21.7%	104,795
AQD	Ausquest Limited	0.018	20.0%	19,183,877
MRD	Mount Ridley Mines	0.009	20.0%	56,430,794
LNY	Laneway Res Ltd	0.006	20.0%	12,600,388
BOA	Boadicea Resources	0.215	19.4%	272,825
SRJ	SRJ Technologies	0.43	17.8%	63,059
EM1	Emerge Gaming Ltd	0.027	17.4%	18,219,688
JDR	Jadar Resources	0.054	17.4%	32,700,931
ADY	Admiralty Resources.	0.014	16.7%	471,650
AVW	Avira Resources Ltd	0.007	16.7%	3,272,998
OEX	Oilex Ltd	0.0035	16.7%	8
HMI	Hiremii	0.073	15.9%	850,068
AIV	Activex Limited	0.15	15.4%	120,100
LVE	Love Group Global	0.15	15.4%	410,077
PIL	Peppermint Inv Ltd	0.023	15.0%	6,959,732
M3M	M3Mininglimited	0.315	14.5%	262,304

Investors who hopped on board with Sunstone Metals (ASX:STM) backed a winner, after the company flagged a serious gold hit at its ‘Bramaderos’ project in southern Ecuador this morning.

Combined with its monster copper-gold strike at El Palmar (also in Ecuador), shares in STM have now surged almost 400% in the space of a few weeks.

Switching from minerals to tech, venture technology investment company Fatfish Group (ASX:FFG) also ripped higher today, although it didn’t have any news to report.

The gains and volume changes were heady enough to prompt a price query from the ASX, to which FFG replied it wasn’t aware of any information that would prompt a 40% moonshot in its stock price.

Also rising strongly was game developer Mighty Kingdom (ASX:MKL), which moved higher by a similar amount, also on no news.

Staying with tech, BNPL player PayRight (ASX:PYR) posted strong gains after an October trading update, where it flagged record monthly Gross Merchandise Value (GMV) processed through its platform of $11.3 million — up 21% from September.

TODAY’S BIGGEST SMALL CAP LOSERS

(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
TRP	Tissue Repair	0.695	-39.6%	7,459,193
MLS	Metals Australia	0.002	-33.3%	21,955,140
OVT	Ovato Limited	0.002	-33.3%	29,213
PCL	Pancontinental Energ	0.001	-33.3%	65,916,934
IPB	IPB Petroleum Ltd	0.014	-22.2%	1,968,191
MCE	Matrix C & E Ltd	0.175	-22.2%	40,402
VEE	Veem Ltd	0.925	-20.9%	2,530,395
AUH	Austchina Holdings	0.008	-20.0%	35,373,966
XTC	Xantippe Res Ltd	0.004	-20.0%	7,931,954
LAM	Laramide Res Ltd	0.93	-19.8%	9,699
IQ3	Iq3Corp Limited	0.125	-19.4%	19,849
CSE	Copper Strike Ltd	0.081	-19.0%	1,406,081
BDG	Black Dragon Gold	0.061	-16.4%	1,299,396
KSN	Kingston Resources	0.2	-15.8%	3,030,081
TRM	Truscott Mining Corp	0.032	-15.8%	1,100,897
AUQ	Alara Resources Ltd	0.023	-14.8%	389,299
NGY	Nuenergy Gas Ltd	0.03	-14.3%	183,852
VPR	Volt Power Group	0.003	-14.3%	11,514,508

There’s been plenty of hot IPOs for junior explorers lately, including another one which surged yesterday.

But biopharmaceutical company Tissue Repair Ltd (ASX:TRP) didn’t find such demand on day one, after falling by around 40% on debut.

The company, which specialises in advanced healing products for chronic wounds, listed after raising $22m from investors at $1.15 per share.

However, the stock closed at 69.5c for an initial fall of 39.57%.

ANNOUNCEMENTS YOU MAY’VE MISSED

The New Zealand Commerce Commission gave transportation technology company Eroad (ASX:ERD) the OK to complete the acquisition of Cortex. The deal come just a fortnight before it is set to complete.

Latrobe Magnesium (ASX:LMG) told shareholders the recent surge in magnesium prices could substantially boost its earnings. If the current price of US$6,150 per metric tonne held long term it would increase its estimate of earnings from its 10,000tpa plant by ~$56 million.

Cettire (ASX:CTT) signed an agreement with Staff International to integrate products into Cettire’s platform and allow Cettire customers to access the brand. It also gave a trading update in which it reported active customers gained 220% and sales revenues grew 172% in the first four months of FY22 compared to the first four months of FY21.

Treasury Wine Estates (ASX:TWE) announced it was buying Frank Family Vineyards, a luxury wine business based in California’s Napa Valley. It will pay US$315 million which implies an EV/EBITDA multiple of 13.2 times.

Hiremii (ASX:HMI) shares rose despite the company telling shareholders it lost one its key clients – UGL. Arguably the good news was the company removing overhead costs associated with the order, a move the company said would improve its working capital and cash burn rate.