Lunchtime ASX small cap wrap: Who’s touching greatness today?
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The game was over 2-0, but Lionel Messi had a 600th club goal to send home for Barcelona. So he did, better than anyone else could:
Amazing as always! Messi 👍🏻 pic.twitter.com/5P8uklU9LL
— Luckycherub (@luckycherub) May 2, 2019
His chief GOAT rival, Cristiano Ronaldo, will no doubt be spending several days brooding, but at least he’ll be brooding while hooning around some scenic curves somewhere in the world’s most expensive car. He’s rumoured to be the new owner of a one-off Bugatti La Voiture Noire valued around $16 million.
Back home, Kidman investors had plenty of cash to splash, which we’ll get to in a moment. The ASX Small Ords index was down 2.6 points to 2865.8 by 12:20pm AEST.
Here’s all your morning small cap winners and losers for Thursday, May 2:
Kidman Resources (ASX:KDR) was the talk of the town this morning, after multi-industry conglomerate Wesfarmers (ASX:WES) launched a mega $776 million takeover offer. Kidman was worth about $522 million prior the announcement and had more than $200 million added to its market cap before lunch. Not too bad.
Wesfarmers, which most people know as the owner of Bunnings, Officeworks, Kmart, Target and formerly Coles, is after Kidman because of its 50 per cent holding of the Mt Holland lithium project in Western Australia, which needs about $600 million to get up and running in 2022.
Kidman is in favour of the bid.
Microcap Quantify Technology (ASX:QFY) had a 50 per cent jump in shares to 0.9c on news it had appointed Taiwanese manufacturer CASwell to manufacture the company’s IoT product suite for both domestic and international markets.
The initial production run commences now, with first items expected to be delivered to Australia in July 2019.
Talga Resources (ASX:TLG) rebounded 19 per cent to 62c at lunch, after falling 27 per cent to 52c at close yesterday on the back of its quarterly report.
Managing director Mark Thompson described it as “another highly successful quarter”, so perhaps shareholders overreacted.
Your morning winners:
Dome Gold Mines (ASX:DME) had a 36 per cent fall, to 15c, though it had no news out.
Apollo Tourism & Leisure (ASX:ATL) shares were slashed by 24 per cent, to 65c, after telling investors its profit for the 2019 financial year would be 27 per cent lower than it forecast when it released its half-year results back in February.
At the time, Apollo said FY19 profit could be as high as $24 million, but now it says the maximum will be $19.5 million, which is only a sliver more than the $19.2 million it made in FY18.
Your morning losers: