Lunchtime ASX small cap wrap: Who’s climbing above the pack today?
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Last Friday, hot video conference startup Zoom Video Communications filed to raise $100m in a US IPO.
But in the rush to get in on the action, some investors were apparently fooled by a far less cool, completely unrelated company called Zoom Technologies.
Less Cool Zoom was going for around 1c a share before it spiked as high as 1100 per cent, and it’s still at 25c a share which is hilarious. It’s all in the name, apparently.
And US billionaire Warren Buffett has told CNBC that economic growth “has lost some steam recently”; still, US markets were up yesterday on trade optimism.
The ASX Small Ords was also up, 10.8 points to 2749.8, to hopefully finish the week on a high note.
Here’s the state of play at lunch, Friday, March 29:
Gastric device specialists GI Dynamics (ASX: GID) are a happy lot this morning, after the Association of British Clinical Diabetologists green-lit some very promising results from a one-year study of its EndoBarrier device.
Those results, that showed a significant reduction in weight and body mass index, as well as reduction in obstructive sleep apnea events, sent the stock up 42 per cent in morning trade.
Remember when OncoSil (ASX: OSL) almost got wiped out four days ago? It shed up to 87 per cent of its share price (nearly $90 million) when its targeted isotope treatment for pancreatic tumours got the thumbs-down from the British Standards Institute (BSI).
Now it wants to note it has had “constructive dialogue with senior BSI management“, which was enough to send the stock up 50 per cent.
And Kin Mining (ASX:KIN) could go deeper under a historic open pit after hitting 14m at 2.5 grams per tonne, 217m from surface.
The Mertondale 5 pit, which produced 37,800oz back in the day, could get a new life as part of Kin’s 1.06 million-ounce Cardinia project.
The news sent the stock up 22 per cent in morning trade.
Here are the best performing ASX small cap stocks at 12pm on Friday, March 29:
Here are the worst performing ASX small cap stocks at 12pm on Friday, March 29:
That’s all for now. Don’t get carried away:
Strong winds carried a man off as he holds onto a patio umbrella. A real-life Mary Poppins moment! pic.twitter.com/FcI8aLhqFD
— Ninja Economics (@NinjaEconomics) March 28, 2019