Last Orders: What you might have missed on the ASX today

Small caps have taken a sharp dip, erasing their all their gains for the last week and a half.

The Small Ordinary index of 100 small cap companies finished Tuesday down 28 points, or 0.91 per cent, to 3,058.6 – their lowest level since December 2.

The Emerging Companies index of micro-cap companies suffered its worst loss since November 10, declining 1.81 per cent to 1,865.7.

The ASX200 fell less dramatically, dropping 0.43 per cent to 3,058.6.

Sectorwise, it was a mixed day, with falls in seven of the ASX’s 11 official sectors. The energy, mining and utility sectors were hit the worst, down by between 1.7 and two per cent.

The property, industrials, consumer discretionary and healthcare sectors managed to stay in the green.

It was good news for Akora Resources (ASX:AKO), which had a successful debut on the ASX. The junior explorer finished at 39c – up 56 per cent from its IPO price of 25c.

Akora plans to put the $5 million proceeds from its IPO into developing three iron ore projects in Madagascar.

At 39c a share, the company has a valuation of about $23 million.

Announcements

– Sheffield Resources (ASX:SFX) gained 21.9 per cent to 39c after announcing that the Foreign Investment Review Board wouldn’t stand in the way of China-based Yansteel investing $130 million for a half-stake its Thunderbird mineral sands project in Western Australia.

– Zip Co (ASX:Z1P) dropped 1.0 per cent to $5.22 despite announcing a partnership with Harvey Norman to let their customers use Zip’s buy now, pay later payment solutions.

– Cann Group (ASX:CAN) fell 11 per cent to 56.5c despite executing final documentation on its $50 million debt facility with NAB, funds it will use to complete the first stage of its medicinal cannabis production site near Mildura, Victoria.

– Immuron (ASX:IMC) gained 12.5 per cent to 27c after executing a research agreement with Monash University to test the active ingredient in its over-the-counter travelers’ diarrhea products against SARS-CoV-2, the virus that caused COVID-19. The ingredient is a purified tablet made from hyperimmune cow antibodies.

– Vita Life Sciences (ASX:VLS) gained 11.1 per cent to $1 after the herbal and nutritional supplement maker announced that its underlying operating earnings would be up 25 to 36 per cent for the financial year ending December 31. The company says that overall COVID-19 has had a neutral impact, initially boosting sales but then hurting them as the second wave of the pandemic closed retail outlets for prolonged periods in some overseas markets.