Lunchtime ASX small cap wrap: The midday trading recap, it is

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If you’re looking to combine ASX market analysis with some cute alien content, Stockhead has you covered.

Media & entertainment giant Disney has entered the streaming wars against Netflix et al, recently debuting its Disney+ service.

And the launch coincided with a new flagship TV series, The Mandalorian, based on the Star Wars movie franchise.

Without touching on the plot, the immediate critical and popular response to the show can be summarised in two words: Baby Yoda.

A younger version of the famous sage of the galaxy has set the internet alight (and we have to admit, he is pretty cute).

Disney timed the TV release to coincide with the latest movie instalment. It’s also just in time for retailers to stock the shelves with Yoda merchandise before Christmas — not bad business if you ask us.

There was certainly no evidence of “The Force” on local markets this morning, as the ASX200 slumped by almost 2 per cent for the second straight day.

It’s turning into a torrid week for stocks, and the Small Ords didn’t fare much better — down 0.9 per cent.

Q3 GDP data at 11:30am (EST) failed to provide much momentum, as annual growth ticked higher to 1.7 per cent but quarter-on-quarter growth fell to 0.4 per cent, down from 0.6 per cent in the June quarter.

GOING UP

Comms company United Networks (ASX:UNL) led the pack at the opening bell and held its gains into midday trade, after announcing the acquisition of two telecommunications platforms that it said were “expected to contribute double-digit earnings growth from FY2020”.

And Chile-based mining company Hot Chilli (ASX:HCH) climbed more than 10 per cent on high trading volumes after announcing a big discovery at its copper-gold porphyry operations in the Cortadera region.

The company graded a piece of terrain almost 1km long (972m) at 0.5 per cent copper and 0.2 grams per tonne (g/t) gold from shallow depths. Managing director Christian Easterday called it “one of the best discovery drill results recorded across the world in 2019”.

Here are the best performing ASX small cap stocks at 12pm Wednesday December 4:

Swipe or scroll to reveal the full table. Click headings to sort

GOING DOWN

Energy explorer Australis Oil & Gas (ASX:ATS) fell sharply, after providing an update on the initial drilling program at its marine shale project in Tuscaloosa, Alabama. The company said it was carrying out additional testing to determine whether current drilling operations would produce an economic viable result.

Here are the worst performing ASX small cap stocks at 12pm Wednesday December 4:

Swipe or scroll to reveal the full table. Click headings to sort

At Stockhead, we tell it like it is. While Hot Chili is a Stockhead advertiser, it did not sponsor this article.

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