Winx getting a workout. Pic: Mark Evans/Getty
Lunchtime ASX small cap wrap: who’s racing to the finish line
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Here are the key ASX small cap winners and losers at lunch Thursday Aug 16:
The ASX Small Ords was down 18.8 points or 0.7 per cent to 2,811.5 at 12.30pm AEST.
GOING UP
Pancontinental Oil & Gas (ASX:PCL) jumped 25 per cent to an intraday high of 1c.
The company’s CEO John Begg is currently on the east coast talking up the company’s September 18 drilling program to investors.
Stockhead columnist Barry FitzGerald profiled the stock today, reporting that Pancon is hoping for the discovery of large volumes of oil or gas with clear commercial potential — similar to Carnarvon’s (ASX:CVN) success off Western Australia last month.
The stock is also benefiting off the back of mining giant ExxonMobil’s arrival in Namibia — next door to where Pancon is hoping to start drilling soon.
Meanwhile, Authorised Investment Fund (ASX:AIY) was the day’s biggest winner at lunch, hitting an intraday high of 5c — a 35 per cent improvement on yesterday.
The $10.2 million company is generating a bit of excitement after it announced earlier this week that it was extending an offer for new shares until 14 September.
It was originally meant to close on July 27, but it was extended until 17 August and now to 14 September after new information came to light about a claim against the company from one of its investments.
It was not related to AIY’s investment in Asian Integrated Media, which sent the stock rocketing to 18c back in April.
Global Energy Ventures (ASX:GEV) was up 21.4 per cent to an intraday high of 17c, before falling slightly back to 15.5c by lunch.
The movement was on the back of an agreement with oil and gas explorer Twinza Oil to work together to evaluate a “commercialisation plan for gas from the Papua New Guinea Pasca A field via marine compressed natural gas”.
The $45 million company is firmly committed to CNG – earlier this year it started construction on a 200 million standard cubic foot ship to transport natural gas.
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Eden Innovations (ASX:EDE) flew 29 per cent to an intraday high of 6.3c this morning off the back of news that its concrete additive EdenCrete — which enhances various characteristics of concrete such as tensile strength and permeability — had been picked for its first highway repair project in the United States.
The project will involve the replacement of over 8000 cubic metres of concrete pavement along 17.8km in Twiggs County in Georgia.
Eden did not say how much the contract was worth but anticipated that the 79,000 litres of EdenCrete that would be required would cost US$525,000.
It’s better news than earlier this year, when the company killed off a cap raise and their shares plummeted.
Here are the best performing ASX small cap stocks at 12.45pm Thursday, Aug 16:
Swipe or scroll to reveal the full table. Click headings to sort
| ASX code | Company | Price change today (1pm) | Price (1pm) | Volume | Market Cap |
|---|---|---|---|---|---|
| AIY | Authorised Investment Fund | 35% | $0.050 | 111,516 | $10.2m |
| EAX | Energy Action | 29% | $0.880 | 127,336 | $17.6m |
| MBM | Mobecom | 27% | $0.140 | 90,002 | $9.0m |
| PCL | Pancontinental Oil & Gas | 25% | $0.010 | 25,878,539 | $42.1m |
| JKA | Jacka Resources | 25% | $0.005 | 90 | $3.1m |
| SUR | Sun Resources | 25% | $0.005 | 218 | $3.0m |
| WBE | Whitebark Energy | 25% | $0.005 | 50 | $4.0m |
| S3R | Serpentine Technologies | 25% | $0.005 | 200,161 | $2.9m |
| EDE | Eden Innovations | 18% | $0.058 | 8,561,313 | $70.7m |
| AFR | African Energy Resources | 18% | $0.026 | 451,101 | $13.8m |
GOING DOWN
Diversified explorer Valor Resources (ASX:VAL) found their shares down 22.2 per cent to 0.7c.
The $13 million company yesterday announced the completion of a $2.8 million cap raise to sophisticated investors.
MySpace Tom wasn’t having the best of days either. Adtech engage:BDR (ASX:EN1), the brainchild of the MySpace founder, was down 19.5 per cent to an intraday low of 7c, before recovering slightly to 8c.
Here are the worst performing ASX small cap stocks at 12.45pm Thursday, Aug 16:
Swipe or scroll to reveal the full table. Click headings to sort
| ASX code | Company | Price change today (1pm) | Price (1pm) | Volume | Market Cap |
|---|---|---|---|---|---|
| WCN | White Cliff Minerals | -50% | $0.001 | 2,699,999 | $6.9m |
| EXO | Ennox Group | -25% | $0.006 | 330,000 | $3.5m |
| VAL | Valor Resources | -22% | $0.007 | 11,230,000 | $13.3m |
| TMZ | Thomson Resources | -21% | $0.034 | 60,000 | $4.8m |
| EPM | Eclipse Metals | -20% | $0.004 | 243,924 | $5.7m |
| GPP | Greenpower Energy | -20% | $0.004 | 200,000 | $7.3m |
| OXX | Octanex | -15% | $0.011 | 172,063 | $3.6m |
| CAS | Crusader Resources | -14% | $0.029 | 293,028 | $17.6m |
| CRO | Cirralto | -14% | $0.030 | 863,015 | $9.6m |
| AIS | Aeris Resources | -14% | $0.220 | 194,209 | $71.5m |
