Lunchtime ASX small cap wrap: Who’s got a fowl looking cake today?

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Wedding cakes are getting more extravagant. But one cake in particular left its customer, American woman Rena Davis, so disappointed that she ended up ordering a far cheaper shop-bought cake for her special day.

What was the big deal? Well, it turned out that the real thing didn’t come as advertised. Davis called it a “lopsided mess” while social media users called it a “fowl-looking leprosy cake”:

A lady ordered for a peacock shaped cake and got a Fowl looking leprosy cake 😁😂.

Ordered Vs Result: pic.twitter.com/NotHid7TiN

— Mr. Alas 🔱 (@TherealAlas) October 9, 2019

Back to stocks, and our markets are retreating for the second straight day. The ASX Small Ords is down 0.54 per cent to 2,853 while ASX200 is down 0.20 per cent to 6,534.

On the data front, lending figures from the ABS this morning showed growth in housing credit continued its recent turnaround. Lending commitments to households rose 3.2 per cent in August, the third straight month of gains. Additionally new loans to owner-occupier first home buyers rose 5.2 per cent.

Going up

Software stock Intiger Group (ASX: IAM) gained 300 per cent despite having no news.

The majority of stocks that gained because of news were mining stocks with strong drilling news.

The stand out was gold miner Ausmex (ASX: AMG) which gained 32 per cent after announcing strong mineralisation was continuing as it drilled deeper. It also announced it had commenced an extra mining lease application.

Also large cap Orora (ASX: ORA) jumped nearly 18 per cent after selling its Australasian fibre business.

Here are the best performing ASX small cap stocks at lunchtime, Thursday October 10:

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

Going down

Skin Elements (ASX: SKN) halved after it scrapped plans to enter China. After 6 months of negotiations, the company and its potential business partners couldn’t see eye to eye.

Clinuvel Pharmaceuticals (ASX: CUV) retreated from its all time highs of yesterday off the back of its FDA approval.

Here are the best performing ASX small cap stocks at lunchtime, Thursday October 10:

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

Winning a Nobel prize

An ASX small cap director was among the people who won a Nobel Prize today. Magnis Energy Technology (ASX: MNS) director Stanley Wittingham was one of three to share the Nobel Prize in Chemistry. He developed the first functional lithium-ion battery back in the 1970s. It’s fair to say the company was stoked.

He shared it with Japanese professor Akira Yoshino and American processor John Goodenough – who at 97 is the oldest ever recipient of a Nobel prize. Goodenough found a way to double the battery’s potential and Yoshino eliminated the need for pure lithium which is highly reactive.

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