Lunchtime ASX small cap wrap: Who’s getting rejected by the market today?
It was shaping up as a rough session on local markets ahead of the opening bell, after US stocks tanked on Friday amid a weakening outlook for the global economy and more rumblings in the bond market.
And the smaller end of the market hasn’t been spared this morning, with the ASX Small Ordinaries down more than 1.8 per cent to 2,713 in midday trade — on track for its biggest daily fall since December.
Jeremy Lamb for the Hornets for starters. He kept his team in the playoffs with this best buzzer beater of 2019:
You have just witnessed the most absurd NBA buzzer beater in a long time
Jeremy Lamb keeps the Hornets in playoff race with THIS pic.twitter.com/3EAQFrKEUw
— Wobemy Lamb (@WorldWideWob) March 25, 2019
Mental. Back to business.
Alaska-focused Zinc miner White Rock Minerals (ASX:WRM) got a boost this morning, following news that the $1.1 billion Sandfire Resources (ASX:SFR) could inject up to $30 million in the company, in return for a 70 per cent stake.
Shares in the minnow jumped 20 per cent to 0.6 cents, while Sandfire was almost 5 per cent lower.
The big moves were in penny stocks in early trade, with the top 10 best performers in percentage terms each valued at less than one cent.
Here are the best performing ASX small cap stocks at midday on Monday, March 25:
Oncosil Medical (ASX: OSL) was a clear leader among the laggards, slumping by almost 70 per cent this morning after getting some bad news from UK medical authorities.
The biotech aims to treat liver and pancreatic cancer by implanting a tiny device directly into tumours with a needle to irradiate them.
However, the British Standards Institute concluded that “insufficient clinical benefit has been demonstrated to recommend approval” for Oncosil’s treatment.
Here are the worst performing ASX small cap stocks at midday on Monday, March 25: