Lunchtime ASX small cap wrap: Who’s getting out on bail today?
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UFC fighter Conor McGregor was arrested in Miami last night and held on $US12,500 bail, after slapping a man’s phone out of his hands before stomping on it.
Things were a little less dramatic on the ASX Small Ordinaries index (ASXO) this morning, which was trading almost flat at midday with a 0.02 per cent gain to 2770.4.
Here are the big movers among small cap stocks for today, March 12:
Gold/copper explorer Encounter Resources (ASX: ENR) jumped more than 20 per cent after announcing the expansion of their joint venture projects in Western Australia.
Investors are also getting excited about Tietto Minerals (ASX: TIE), which spiked more than 30 per cent after announcing more high-grade gold discoveries at its project in Côte d’Ivoire, West Africa.
And Parkd (ASX: PKD) rose by 20 per cent in morning trade after a Perth Subaru dealership agreed to pay $690,000 for a 49-bay carpark built by Parkd last year.
Also of note, Payment transfer platform InPayTech (ASX: IP1) jumped sharply after announcing the cannibalisation of one its products.
The company has cancelled its Bill Exchange offering — used to support payments in the real estate industry — “effective immediately”.
Enter PayVu, which “makes Bill Exchange redundant as PayVu can be used for all business payments and delivers greater security and automation”, InPayTech said. Its shares jumped by more than 60 per cent to 3.4 cents, after a sharp fall in February.
And gains were led by the tiny Tamaska Oil & Gas Ltd (ASX: TMK), which posted a 100 per cent increase to 0.2 cents a share, despite the absence of any market updates.
Here are the best performing ASX small cap stocks at 12pm EST Tuesday March 12:
Mining and energy minnows led the market lower, with five companies that trade at below 1c per all suffering losses of 20 per cent or more.
Orion Metals (ASX:ORM) led the falls after slumping by almost 30 per cent to 0.5c, on low volumes with no notable news updates.
Here are the worst performing ASX small cap stocks at 12pm EST Tuesday March 12: