Last Orders: Small caps dip again, but infant formula makers rise

Small caps have dipped for a second straight day following their seven-day winning streak.

The Small Ordinaries index closed yesterday down 12.1 points, or 0.37 per cent, to 3,278.8.

Larger companies fared a little bit better, with the ASX200 dropping 19 points, or 0.27 per cent.

The market gained a little after the Reserve Bank announced at 2.30pm it was keeping the cash rate on hold – as was widely expected – but then dropped again towards the close.

Most sectors were in the red, but materials rose slightly and energy gained 1.3 per cent. Financials and health care dropped the most, by 0.7 per cent.

Infant goat-milk formula maker Bubs Australia (ASX:BUB) was among the biggest gainers, rising 22.4 per cent to 41c after China lifted its two-child policy, allowing families to have three children.

Synlait Milk (ASX:SM1) rose 8.5 per cent to $3.05 and A2 Milk (ASX:A2M) gained 2.5 per cent to $5.66. Nuchev (ASX:NUC) gained 6.1 per cent to 52.5c.

Small cap news

Genetic Technologies (ASX:GTG) fell 20 per cent to 0.8c despite announcing that its partner has begun US sales of its test predicting an individual’s personal risk of serious disease should they contract COVID-19. But IBX hasn’t provided any initial volume guidance and the tests are quite pricey, costing US$175.

Legend Mining (ASX:LEG) rose 13 per cent to 13c after announcing it had found more “massive” nickel-copper deposits at its Mawson prospect in the Fraser Range of Western Australia.

Antisense Therapeutics (ASX:ANP) dipped 7.3 per cent to 19c after the Melbourne biotech company received feedback from its meeting with the US Food and Drug Administration regarding its potential therapy for Duchenne muscular dystrophy.