Lunchtime ASX small cap wrap: Who’s resigned to the inevitable today?

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Its depressing to talk about job cuts. But Deutsche Bank employees seem to be resigned to their fates and making the most of their situation.

The bank is expected to announce up to 20,000 job cuts next Monday, ending months of speculation.

Bloomberg reported the situation at Deutsche Bank’s New York HQ earlier this week, “On a recent weekday, an executive spied junior traders enjoying beers at the nearby Full Shilling pub. It was just past 1pm.”

“Older traders could be found at Cipriani on Wall Street, where the famous bellini cocktails are served in wood-paneled rooms or on a terrace between stone ionic columns.”

https://www.instagram.com/p/BzMkkwejsis/

The CEO of Credit Suisse, Tidjane Thiam, once said, “The Germans say that the horrible end is better than horror without end.” Well on Monday it seems the former will finally come.

Their situation is one shareholders of some ASX small caps can relate to. That oil well did not actually work. That drug can’t actually cure cancer. You really didn’t have ASX approval to issue crypto tokens.

Of course some make it. But it may take years of waiting. A few reach it every day and here’s who has.

But first, the ASX Small Ords is up for a 5th consecutive day and has gained 2 per cent this week. Today its up 7 points, or 0.24 per cent, to 2891 points. The ASX 200 has also had a great week, up to 6,734 points, rising by another 0.24 per cent today and 1.74 per cent this week.

Australian Super chief investment officer Mark Delaney has been the lastest to warn of a slowdown in coming months. But it seems record low interest rates and tax cuts are enough for the market.

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Going up

Yowie Group (ASX:YOW) has told shareholders things are turning around. The board expects to be cash positive by the second half of this financial year and will pay a 2c per share dividend. Its up 39 per cent.

Several resources stocks rose after positive results. Brookside Energy (ASX:BRK) is up 20 per cent today after announcing its “land and leasing strategy” had increased its holdings above 2,000 acres. Hot Chilli (ASX:HCH) has lived up to its name with a staggering copper discovery and it’s up 15 per cent.

Here are the best performing ASX small cap stocks at lunchtime, Friday July 5:

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

Going down

The Louisiana oil well operated by Byron Energy (ASX:BYE) and owned by Metgasco (ASX:MEL) is a write off. Both stocks have fallen today, by 14 per cent and 23 per cent respectively.

Here are the worst performing ASX small cap stocks at lunchtime, Friday July 5:

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

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