Lunchtime ASX small cap wrap: who’s doing backflips today

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Here are the key ASX small cap winners and losers at lunchtime Friday Aug 3:

The ASX Small Ords was up 14 points or 0.48 per cent to 2837.8 by 1pm AEST.

GOING UP

Great Boulder (ASX:GBR) made strong gains on Friday morning after announcing the first drilling results at its “Eastern Mafic” project near Laverton, Western Australia.

The shares rocketed 46 per cent from 39c to 57c before profit-takers baled out. They were trading at 49c just after midday.

Great Boulder found “extensive sulphide mineralisation” and indications of nickel and copper “providing the first evidence of more nickel rich sulphide mineralisation at the Eastern Mafic”.

Lab tests (or “assays”) are pending.

Plastic pallet maker Range International (ASX:RAN) reversed yesterday’s decline after issuing a clarification to yesterday’s announcement concerning “potential inconsistencies” at its factory in Indonesia.

Yesterday the shares dropped more than 30 per cent to 3.9c after Range brought in advisory group FTI Consulting “to assist in an investigation into these matters”.

Today the stock bounced more than 20 per cent to 4.8c after telling investors the inconsistencies concerned “raw material pricing and supplier agreements as well as some inconsistencies in the company’s inventories which warrants an independent external review”.

Range had $US5 million in the bank with no debt — and said it would update the market “at the end of the FTI work”.

Home security provider Scout Security (ASX:SCT) extended its rally today after snagging a deal on Wedneday to distribute its products through US security giant Black and Decker.

Earlier in the week Scout jumped 26 per cent to an intraday high of 22c.

Today the shares gained 17 per cent to a high of 28c.

Biotech Telix Pharma (ASX:TLX) — which last year got away the biggest drug developer IPO in more than 20 years — surged 10 per cent to a high of 69.5c after a positive tax ruling.

Telix — which makes technology that helps detect cancerous tumours — raised $50 million last year selling shares at 65c.

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The biotech won tax certificates from the federal government worth $55.2 million over five years “to enable partial recovery of overseas research and development expenditure that are essential to Telix’s programs but cannot be executed domestically”.

The decision would contribute $8 million to $10 million this financial year.

Acrux (ASX:ACR) moved ahead 30 per cent to an intraday high of 23.5c following yesterday’s anouncement that it had submitted the first of its new crop of generic drugs for US approval .

It’s coming up to a year since the cold shower that shook up the drug-maker Acrux, forcing it to push into the generic drugs market after the US shut the door on its flagship testosterone product.

Here are the best performing ASX small cap stocks at 12.30pm Friday, Aug 3:

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

GOING DOWN

AVZ Minerals continued to slide today after anouncing a maiden resource yesterday and confirming it had its foot on the “world’s largest lithium deposit”.

The news on Thursday initially sent shares up 11 per cent to an intra-day high of 15.5c, but it appears the news was already priced in.

The stock closed down at 13c yesterday and sold as low as 11c on early Friday.

That compares to a high of 37c at the start of the year.

The maiden resource for AVZ’s Manono project in the Congo came in at 259.9 million tonnes at a grade of 1.63 per cent containing 4.25 million tonnes of lithium oxide.

Anything above 1 per cent is considered economic in lithium mining.

Here are the worst performing ASX small cap stocks at 12.30pm Friday, Aug 3:

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

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