Lunchtime ASX small cap wrap: who’s desperate for a bit of good news
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Here are the key ASX small cap winners and losers at lunch Tuesday December 4:
The ASX Small Ords dipped slightly, by 27 points — or 1.01 per cent — to 2,614.40 at 12:15pm AEST.
Plant-free fabric maker Nanollose has debuted the world’s first piece of clothing made from coconut waste — and investors applauded the effort, propelling shares up over 70 per cent to an intra-day high of 12c on Tuesday.
The knitted sweater was made using Nanollose’s (ASX:NC6) eco-friendly Tree-Free Rayon fibre called “Nullarbor”.
Nanollose told investors it was the first of its kind and marked a breakthrough for an industry that is urgently seeking sustainable alternatives to clothing made from traditional rayon and cotton, both of which cause significant environmental issues.
Mining services group Weststar Industrial (ASX:WSI) was up 31 per cent to 1.7c, on news that its engineering business SIMPEC had a $4m contract with major iron ore miner Rio Tinto in the Pilbara.
Weststar now has contracts in the pipeline worth a total of $17m.
Junior miner Red 5 (ASX:RED) got a nice 15 per cent share price bump to 8c after it unveiled a “game-changing” initial 1.8 million ounce gold resource — which will probably get bigger — next to existing mining areas at its “King of the Hills” operation in WA.
Red 5 told investors it is now looking at a standalone bulk underground and open pit operation which could provide “easier-to-mine ounces and lower per tonne mining costs”.
After receiving a speeding ticket from the ASX yesterday for an unexplained share price increase — from 8.1c to a high of 13.15c — gold miner Gascoyne Resources (ASX:GCY) has dropped back 16pc today to 10.5c.
Again, on no news.