US President Donald Trump has brought the hammer down and declared a national emergency over “threats against information and communications technology and services” in the US.
It’s mainly aimed at Chinese telco giant Huawei, which the US government believes is a backdoor for the Chinese government to spy on them.
An executive order to stop businesses doing business with China is… quite the handgrenade.
Amid the latest round of US-China tensions, small cap stocks edged higher into midday trade after a steady lead from US markets, which posted their second straight day of gains.
At 12pm eastern time, the ASX Small Ords was trading at 2,805.90 — a gain of 0.34 per cent. The index got a little jolt at 11:30am, when the Aussie dollar slipped again in the wake of some underwhelming employment data.
GOING UP
Hong Kong based e-commerce platform 99 Wuxian (ASX: NNW) caught the market’s attention, initially jumping to more than 13 cents — a gain of almost 100 per cent — before easing back to around 11 cents. Investors responded positively to the company’s March quarter update, released after markets closed late yesterday.
99 Wuxian said it booked revenue of $12.13m, up 78 per cent from Q1 2018, largely driven by sales of its online insurance product. The company has had a relatively chequered history since it first listed on the ASX boards in 2013.
Also flying was power infrastructure stock Volt Power (ASX: VPR), formerly known as Enerji. The minnow jumped to 0.2 cents in morning trade on no news, which was good enough for a gain of 100 per cent.
There were some other sharp moves higher among the mining minnows while small-cap tech players Fatfish Internet Group Ltd (ASX: FFG) and CCP Technologies (ASX: CT1) also had strong gains after releasing market updates earlier in the week.
Here are the best performing ASX small cap stocks at 11:30am on Thursday, May 16.
Ticker | Name | Price | % Chg | Market Cap | Volume |
---|
VPR | Enerji | 0.002 | 100.00% | 115.00K | 12.37m |
NNW | 99 Wuxian | 0.135 | 95.65% | 2.94M | 156.56m |
VAR | Variscan Mines Ltd | 0.002 | 50.00% | 2.87M | 1.27m |
MGT | Magnetite Mines | 0.007 | 40.00% | 409.66K | 5.17m |
LRS | Latin Resources Ltd | 0.002 | 33.33% | 290.00K | 5.07m |
CCA | ChimpChange | 0.07 | 29.63% | 859.69K | 6.42m |
SUD | Suda | 0.005 | 25.00% | 20.07M | 12.91m |
PSM | Peninsula Mines Ltd | 0.005 | 25.00% | 396.01K | 4.96m |
FFG | Fatfish Internet Group Ltd | 0.016 | 23.08% | 3.49M | 9.93m |
CT1 | CCP Tech | 0.011 | 22.22% | 582.86K | 4.91m |
AND | Andromeda Metals | 0.009 | 21.43% | 21.28M | 10.84m |
ELT | Elementos Ltd | 0.006 | 20.00% | 155.84K | 9.27m |
EQE | Equus Mining Ltd | 0.007 | 16.67% | 710.00K | 6.28m |
CFE | Cape Lambert Resources | 0.014 | 16.67% | 1.07M | 14.28m |
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GOING DOWN
Skincare vendor BWX Ltd (ASX: BWX) had a sharp fall after releasing updated earnings guidance this morning. The company also announced the appointment of a new global CEO.
And oil and gas development company Red Sky Energy (ASX: ROG) was the worst performer in early trade, falling by 33 per cent to 0.2 cents per share.
Here are the worst performing ASX small cap stocks at 11:30am on Thursday, May 16.
Ticker | Name | Price | % Chg | Market Cap | Volume |
---|
ROG | Red Sky Energy | 0.002 | -33.33% | 1.00M | 2.23m |
KTA | Krakatoa Resources Ltd | 0.021 | -25.00% | 25.00K | 2.47m |
BWX | BWX Ltd | 1.515 | -24.25% | 2.59M | 189.48m |
NAG | Nagambie Mining Ltd | 0.04 | -20.00% | 83.25K | 17.50m |
ETE | Entek Energy | 0.006 | -14.29% | 320.00K | 2.94m |
ARV | Artemis Resources | 0.035 | -10.26% | 3.71M | 23.17m |
EXP | Experience Co | 0.255 | -13.56% | 630.42K | 138.95m |
UCM | Uscom Ltd | 0.15 | -11.76% | 5.00K | 20.65m |
SLC | Superloop Ltd | 1.72 | -10.65% | 1.95M | 433.14m |
MPW | MSL Solutions | 0.12 | -11.11% | 100.29K | 29.98m |
NAM | Namoi Cotton | 0.3 | -10.45% | 20.44K | 41.44m |
SVL | Silver Mines Ltd | 0.038 | -7.32% | 1.90M | 27.22m |
DXN | The Data Exchange Network | 0.06 | -9.52% | 159.84K | 14.6m |
TMR | Tempus Resources | 0.15 | -11.76% | 40.15K | 4.65m |
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