Midday winners and losers: Litigation Capital up 65pc amid small cap sea of red
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Here are the key gainers and losers among ASX small caps at 12pm AEDT Wednesday:
In the green
Litigation Capital Management (ASX:LCA) was the biggest mover on Wednesday, up 19 per cent before 12pm AEDT on news of the settlement of three litigation problems.
Shares in the company were trading at 65.5c, and reached highs for the year as much as 70c.
LCA told the market the results of this settlement were significantly better than its FY17 IPO forecast, and expected funds to settle next month.
Oliver’s Real Food (ASX:OLI) was up 17 per cent off their quarterly results which showed an increase in sales of their steamed greens and pita pockets.
International Green Energy, newly reinstated to trade, was buoyed to 16c on news of the purchase of a Dutch plastic to road-ready fuel company.
While Bryah Resources (ASX:BYH) and BuyMyPlace (ASX:BMP) were up on no news.
In the red
Rhythm Biosciences (ASX:RHY) was the worst performing stock of the morning after providing its outlook for the coming quarter.
The company only listed in December, and is the developer of a blood test to detect colorectal cancer in conjunction with the CSIRO.
At lunch, the stock was trading down 15 per cent at 19.5c – down from its listing price of 20c.
KneoMedia (ASX:KNM) and Metals Tech (ASX:MTL) were also down after releasing its quarterlies – while the remaining Lake Resources (ASX:LKE) and Nexus Minerals (ASX:NXM) had no announcements to report.