Lunchtime ASX small cap wrap: Who’s surfing into camp?

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An iconic Australia brand is going offshore. Not to worry, it’s not Four’n Twenty, but surfing brand Rip Curl: it is being acquired by outdoor retailer Kathmandu (ASX:KMD).

Kathmandu will pay $350 million for Rip Curl, which was founded by surfer buddies Brian Singer and Douglas Warbrick at Victoria’s Bells Beach in 1969.

Kathmandu says Rip Curl will help beef up its summer offerings — Kiwi retail brand has all the needs for winter, but not a great deal when it comes to summer.

The sun is shining on local markets today, with the ASX 200 up 0.15 per cent to 6,699 and the ASX small ords up 0.26 per cent to 2,902 points.

Finally, we’ll find out at 2:30pm whether the Reserve Bank of Australia will cut interest rates or not.

Going up

Actinogen (ASX:ACW) is comfortably today’s biggest winner, up as much as 300 per cent at one point before lunch after a higher dosage of its drug Xanamem in healthy elderly patients showed a statistically significant improvement in cognition.

The company’s shares hit their highest point since May, when a phase II trial of a lower dosage of Xanamem failed to show an improvement in Alzeheimer’s patients.

Also racing upwards today was AJ Lucas (ASX:AJL), which jumped 19 per cent after confirmation all was not lost at a Lancashire gas field operated with Caudrilla (which it owns nearly half of).

CEO Francis Egan argued there still was a “huge commercial opportunity” there. It would help the UK meet its energy needs without relying on imports and could help as a domestic feedstock for hydrogen production, he says.

Here are the best performing ASX small cap stocks at lunchtime, Tuesday October 1:

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

Going down

Suda (ASX:SUD) was down 33 per cent after the Australian Therapeutic Goods Administration declined the company’s appeal to have its anti-malaria mouth spray approved.

“The company is disappointed with the outcome and will consult with its advisors to determine whether any further actions are recommended,” chairman Paul Hopper said.

Here are the worst performing ASX small cap stocks at lunchtime, Tuesday October 1:

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

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