Lunchtime ASX small cap wrap: who’s had a bit of a prang today

Link copied to
clipboard

Here are the key ASX small cap winners (there aren’t many of them) and losers at lunch Thu Oct 25:

It’s a bloodbath out there this morning with most ASX small caps losing ground — along with everyone else on the ASX — following a wave of selling on Wall Street overnight.

In early trade the ASX200 fell below the the key support level of 5800, hit a 12-month low and wiped the gains of calendar 2018.

The ASX Small Ords — a measure of small cap ASX stocks — was down 2.1 per cent or 57 points to 2584.9 at 11.10am AEST.

There are about 1700 small and micro cap stocks on the ASX with a market cap of less than $400 million.

Of these, only 180 were ahead at 12.30pm AEST today.

About 670 had lost ground and the rest were sitting it out.

GOING DOWN

Compumedics (ASX:CMP) was among the big losers after its much ballyhooed deal to sell its “Somfit” sleep-tracking device into China got derailed.

The stock rocketed 75 per cent to 72c at the time of the announcement — but today was down 18 per cent to 32c.

“Compumedics wishes to advise shareholders that the contract negotiations in relation to its Somfit technology with leading China-based health-check organisation, Meinian Onehealth Healthcare … have stalled due to key issues remaining unresolved,” the group told investors.

Compumedics cited issues concerning intellectual property rights and “conflicts of interest with a third party introduced to the joint venture discussions”.

Elsewhere, Cobalt Blue (ASX:COB) plummeted after it told investors it would miss a deadline to take full ownership of its 70 per cent owned Thackaringa cobalt project.

Cobalt Blue plummeted 30 per cent to 21c by 11.15am AEST on the news. Its joint venture partner Broken Hill Holdings (ASX:BPL) suffered an 8 per cent dip to 4.6c.

A review of the project concluded that test-work, demonstration plants and feasibility studies would take up to two years, Cobalt Blue told investors.

The risk of attempting to fast-track such studies into one year to meet the timetable would “significantly impair the project and pose undesirable risk”.

• Subscribe to our daily newsletter
• Bookmark this link forsmall cap news
• Join our small cap Facebook group
• Follow us on Facebook or Twitter

Cannabis stock Cann Group (ASX:CAN) slumped 11 per cent after telling investors it had signed a three-year research deal extension with CSIRO.

After two months of silence investors were apparently anxious to hear more about progress on Cann’s major building works at its Melbourne Airport project or any other commercial activities — but nothing was forthcoming today.

The stock was down 13 per cent to $2.19 at noon AEST.

Here are the worst performing ASX small cap stocks at 12.30pm Thu Oct 25:

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

GOING UP

Tiny BPH Energy (ASX:BPH) was up 50 per cent to 0.3c after putting aside a scrap with investor MEC Resources and re-focusing on developing new business.

The new business appears to include cannabis — an area that broadly fits with its oil-and-gas-plus-biotech portfolio.

BPH said it was looking at the area, mentioning exports, the UK and the Canadian recreational — which could point where its interests lie though it hasn’t made firm plans yet.

Here are the best performing ASX small cap stocks at 12.30pm Thu Oct 25:

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

share

• 
• 
• 
• 

Link copied to
clipboard

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox.

Name*

Email*

Hidden

Email Lists

Morning Update

Lunch Update

Market Close Update

Weekend Update

It's free. Unsubscribe whenever you want.

By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.