Lunchtime ASX small cap wrap: Who wants a finger-lickin’ Michelin star today?

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The Michelin star is highly coveted among restauranteurs. Since 1900 the Michelin Guide has rated restaurants around the world – and yes it’s the same company that makes tyres.

The guide uses a 3-star system and one-star restaurants are ‘very good’, two-star restaurants are ‘worth a detour’ while three-star restaurants are worthy of a ‘special journey’.

If you thought just high-end restaurants are in the list you would be wrong. A 74-year old street food entreprenuer from Bangkok, Jay Fai, won a Michelin star recently.

37-year old Sam Edelmen wants his restaurant to join the ranks. His place? A KFC in Alice Springs. But he is serious and has begun a campaign.

https://www.facebook.com/sam.edelman.98/videos/10156035949686945/?sfns=mo

Whether you think it is likely or not, a Michelin star is not the be all and end all. In fact, it can be a bad thing. Poor Jay Fai now has queues lasting several hours and she does most of the work herself.

But a franchisor might have things easier and as Edelmen himself notes his KFC is the most remote KFC in the world.

Back to the ASX, where no company, let alone a small cap, has a Michelin star, but as we mentioned in yesterday’s lunchtime wrap our market has has a solid year. In anticipation of signs of a trade war truce or resolution from the G20 and a rate cut as early as next week, our markets have been flat this week.

Today the ASX Small Ords is down 4 points to 2837 – or by 0.16 per cent.

Going up

PNX Metals (ASX: PNX) has surged 90 per cent after its latest results. These include one blow assay with 11.87 per cent zinc, 4.19g/t of gold, 309g/t of silver, 1.94 per cent of lead and 0.49 per cent of copper. Ora Gold (ASX: OAU) also jumped after positive results.

Oakdale Resources (ASX: OAR) soared after it revealed it has signed a binding option term sheet to buy a Nevada Gold project.

Here are the best performing ASX small cap stocks at lunchtime, Thursday June 27:

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

Going down

Pursuit Minerals (ASX: PUR) fell 31 per cent after revealing a cost reduction program. It is postponing plans to list in London and defer “all non-essential expenditure on the company’s exploration projects”. It also announced Jeremy Read and Ian Wallace will leave and two other directors will cop a pay cut.

While Chinese agriculture stock Jiajiafu Modern Agriculture (ASX: JJF) had no news, it has fallen today. It’s possible investors have been spooked by the delisting of Sunbridge Group (ASX: SBB) and suspension of Dongfang Agriculture (ASX: DFM).

Here are the worst performing ASX small cap stocks at lunchtime, Thursday June 27:

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

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