Lunchtime ASX small cap wrap: who’s feelin’ cagey today
Link copied to
Here are the key ASX small cap winners and losers at lunch Tuesday December 11:
Fat Prophets says that despite the “doom & gloom being widely pervasive”, US indices actually rallied and closed the day higher.
This sparked a small rally in Australia.
The ASX Small Ords was up 10.5 points – or 0.42 per cent — to 2497.1 at about 11:30am AEDT, as it looks to bounce back from 15-month lows.
WestStar Industrial (ASX:WSI) has emerged from a trading halt this morning, revealing that its engineering business won an $8m contract for Tianqi’s lithium plant in Western Australia.
Shares jumped over 84 per cent to 2.4c by 11:10am AEST on the news.
The contract was awarded by MSP Engineering, which SIMPEC worked with previously on Talison Lithium’s Greenbushes lithium mine in the south-west of WA.
MSP is the head contractor for the design and construction of the lithium plant in Kwinana, south of Perth.
Chinese-backed Tianqi Lithium is spending more than $700m on building the two-stage lithium processing plant.
Blockchain stock Kycker (ASX:KYK) received a “please explain” from the ASX yesterday after its share price dropped 33 per cent for no reason.
Today, its share price jumped 20 per cent – again, for no reason (apparently). It currently trades for about 7.2c.
Shares in RBR Group (ASX:RBR) are also up 25 per cent in morning trade after the labour hire company won a contract to assess potential workers for a giant Mozambique LNG project.
Retractable syringe-maker Medigard (ASX:MGZ) sunk nearly 29 per cent on Tuesday after telling investors it needs to raise cash soon.
Its share price dipped to an intra-day low of 2c.
With limited cash on hand, Medigard said it will need to raise capital to fund the development of its injectable product to treat back problems.