Lunchtime ASX small cap wrap: Who’s hoping for a miracle revival today?
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European share markets rose for the first time in five days on Tuesday, according to Commsec. US share markets were also firmer, with all major sectors getting a bump.
And it looks like China is going the whole hog to resolve this US trade war by importing a record amount of American pork in 2019, according to Bloomberg.
This positive attitude didn’t flow through to Australian markets, with the ASX Small Ords continuing to soften. The index was down another 0.26 per cent to 2713 by about 12pm EST.
Here’s the state of play at lunch Wednesday March 27:
Coal explorer Resource Generation (ASX:RES) received a speeding ticket from the ASX after its share price caught a rocket on Tuesday for no apparent reason at all – up 53 per cent to 13c per share.
Resource Generation may have no idea what’s going on, but someone knows something — the stock was up another 21 per cent today.
Also up 50 per cent and 25 per cent respectively on no news were minnows Classic Minerals (ASX:CLZ) and Grand Gulf Energy (ASX:GGE).
Sipa Resources (ASX:SRI) has bought a gold project right near the new Moho Resources (ASX:MOH) discovery.
Sipa was up 14.3 per cent in morning trade after announcing the acquisition of the Clara project in north west Queensland.
Here are the best performing ASX small cap stocks at 12pm on Wed, March 27:
Its probably unrelated to the Sipa announcement, But Moho Resources (ASX:MOH) didn’t fare so well this morning.
After dropping a fairly innocuous exploration update, the stock fell 20 per cent to about 13c a share.
Here are the worst performing ASX small cap stocks at 12pm on Wed, March 27: