Lunchtime ASX small cap wrap: Who’s getting into the deep end today?
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Elon Musk continues to taunt the US Securities and Exchange Commission (SEC) — a war which began when the SEC accused Musk of misleading investors with claims he had the funds to take the firm private.
Maybe it’s a matter of pride, but the scuffle hasn’t panned out well for Musk or the Tesla share price so far, which immediately dropped following the latest tweet (not by much, but still…)
Anyway — after a small bump in the road, the ASX Small Ords has continued its recovery, gaining 2 points or 0.06 per cent to 2,758.40 at 12pm AEST.
Here’s how that looks for the year so far:
Here are the big movers among small cap stocks for today, February 26.
Advanced DRC copper and cobalt explorer Nzuri Copper (ASX:NZC) has received a $109m takeover offer — and reckons shareholders should accept it.
By midday, the Nzuri share price was up 21 per cent to 31c on high volume.
The all-cash offer from $2.5 billion Chinese company Chengtun Mining values Nzuri at 37c per share.
It’s 42 per cent higher than the last closing price of 26c, and a 64 per cent premium to the 3-month volume weighted average price; but it’s still well down on the 48c high reached in mid-January last year.
Nzuri told investors that the deal would “crystallise certain value” at a time when resources development projects faced “considerable funding hurdles and a range of market related and strategic risks”.
Fluence Corp (ASX:FLC) has revealed a big €165 million ($261m) water treatment plant contract for the Ivory Coast’s largest city, Abidjan.
The long-awaited news immediately put a rocket under the share price, which jumped up 14 per cent to 37.7c.
Other big winners in the super-small end of town include Mount Ridley Mines (ASX:MRD), up 100 per cent to 0.2c; Ibuynew Group (ASX:IBN), up 96 per cent to 1c; and Manas Resources (ASX:MSR) up 33 per cent to 0.4c.
Here are the best performing ASX small cap stocks at 11.45am Wednesday February 27:
The share price of health small cap Cogstate (ASX:CGS) took a 40 per cent hit to 28c after it forecast sales for the quarter to 31 March “to underperform, consistent with sales results from the September 2018 and December 2018 quarters”.
The June quarter outlook looks more promising, but there’s still some uncertainty “in respect of sales conversion”.
Here are the worst performing ASX small cap stocks at 11.45am Wednesday February 27:
China’s Xinhua news now has a fembot AI anchor:
China’s Xinhua News Agency will debut their female-gendered #AI news anchor in March, called Xin Xiaomeng.
It is the agency’s its latest effort to deliver content via #artificialintelligence!
— Khalid Hamdan (@KhalidHamdan0) February 26, 2019