Lunchtime ASX small cap wrap: who’s taking off so far today

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Here are the key ASX small cap winners and losers at lunch Tuesday Aug 14:

The ASX Small Ords was up 25.5 points or 0.9 per cent to 2,821.8 at 1pm AEST.

GOING UP

Oil and gas producer Carnarvon (ASX:CVN) was up 16 per cent to an intraday high of 47c, with investors responding well to an update from the $481 million company that its main oil target would be “highly profitable for shareholders in due course”.

It was a course correction after shares plunged 33 per cent on Monday following disappointing gas drilling results.

Carnarvon said on Monday that its Phoenix South-3 well had located a hydrocarbon reservoir, but that the rock might not be permeable enough to actually extract anything. They weren’t able to extract anything to determine if the reservoir held oil or gas.

But on Tuesday, the company’s shares were back up 16 per cent at 47c after a note saying Carnarvon’s Phoenix wells have already confirmed that there is a “significant gas condensate resource” there.

Hill End Group (ASX:HEG) continued its good week, with another 20 per cent bump on top of yesterday’s 48 per cent gain.

The $11.8 million company was trading at an intraday high of 9.6c just before midday. A Monday analyst report on the High Purity Alumina producer valued the stock at 38c.

HPA — created from aluminous clay using various chemical procedures — is used as a base material for making lithium ion battery components, LED lights, smart phone screens and surgical tools.

A report by Independent Investment Research senior analyst Mark Gordon said Hill End would benefit from growth in annual demand for HPA of 15-20 per cent over coming years.

Following an exclusive chat with Klaus Eckhof for Stockhead, shares in Lachlan Star (ASX:LSA) climbed for the second consecutive day, trading at an intraday high of 2c, an 11pc bump.

The company’s shares soared 43 per cent yesterday after appointing appointing Mr Eckhof, a well-known mining investor, as executive director.

Mr Eckhof is best known for leading popular lithium producer AVZ Minerals (ASX:AVZ) until he recently stepped down as chairman. He’s also a director of Okapi Resources (ASX:OKR).

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Shares in mobile gamer iCandy (ASX:ICI) soared 29 per cent this morning to an intraday high of 12.5 cents.

Fellow mobile gamer Animoca Brands (ASX:AB1) picked up $4 million in ICI shares to take a substantial shareholding of 8.3pc.

Earlier in the year Animoca sold 318 mobile game apps to iCandy for $8 million in cash and shares. The companies are betting on the rise in popularity of cryptocurrency games.

Here are the best performing ASX small cap stocks at 12.45pm Tuesday, Aug 14:

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

GOING DOWN

Clancy Exploration (ASX:CLY) is down 14 per cent to 0.3c to match the issue price of new shares following a capital raising.

The $9.4 million company announced today that it had raised $750,000 to accelerate exploration in Morocco.

The funds will be used to accelerate exploration activities including a maiden drilling program at the Bou Amzil Extension licence which lies in close proximity to the westernmost shaft of the famous Bou Azzer cobalt mine.

Clancy is issuing 250 million ordinary shares at 0.3c a pop.

Here are the worst performing ASX small cap stocks at 12.45pm Tuesday, Aug 14:

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

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