Lunchtime ASX small cap wrap: Who’s the last man standing today?
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The Blockbuster store in Morley, Western Australia has decided to pull up stumps.
This leaves a store in Oregon, US, as the final vestige of a time long past – when DVD rental chains dominated the world — and they seem pretty stoked about it.
According to management, the Blockbuster in Bend is booming and not even close to shutting down.
— The Oregonian (@Oregonian) March 6, 2019
Anyway, it’s Friday and the ASX small ordinaries aren’t doing as well; they’re down 0.47 per cent to 2777.1 by lunchtime EST.
Here are the big movers among small cap stocks for today, March 8:
Red Sky Energy (ASX:ROG) has applied for ministerial consent to transfer the South Australia-based Innamincka Dome licenses from Beach Energy (ASX:BPT).
The news sent shares up 67 per cent in morning trade.
The purchase of Beach’s interest in the Innamincka Dome project, which was mothballed in 2015 due to a downturn in oil and gas markets, includes existing production infrastructure, storage tanks, yards and camp facilities.
Red Sky says it’s keen to get cracking on resuming oil and gas production as soon as possible.
Explorer Geopacific Resources (ASX:GPR) will mop up Kula Gold’s (ASX:KGD) remaining interest in the advanced 1 million ounce Woodlark gold project in Papua New Guinea to streamline its development.
Right now, Geopacific owns 85 per cent of Kula (and over 90 per cent of Woodlark) following a hostile takeover bid in 2017.
But after Geopacific becomes sole owner, Kula will cease to be a subsidiary and be free to “pursue new opportunities”, Geopacific says.
Kula investors loved it, send the stock up 15 per cent in early trade.
Here are the best performing ASX small cap stocks at 11.45am Friday March 8:
But the aforementioned news wasn’t as good for Geopacific, which actually fell 17 per cent.
Zinc producer Symbol Mining (ASX:SL1) has had to hit up its major shareholder for another loan extension and hand over more of its offtake rights to get it.
On top of that, its major shareholder — Hong Kong-based commodities trader Noble Resources — has said the zinc Symbol is shipping is much lower grade than expected.
This saw the share price slide 12.5 per cent to 1.4c on Friday morning.
Here are the worst performing ASX small cap stocks at 11.45am Friday March 8: