Lunchtime ASX small cap wrap: Who’s trying to beat Ferrari at its own game today?

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We love our national icons – including Holden; to the point where we think of them as the best in the world. Well now it might be.

Anyone outside Australia would choose a Ferrari over a Holden in a heartbeat but Holden’s owner General Motors is bringing competition to the table. It has unveiled its latest Corvette sports car and we like it.

GM has sold this model for years but this is a radical shift. It can reach 60km in under three seconds, get to 495 horsepower and has mid-engines rather than front-engines. In the US it will start at under $US60,000 ($85,000) – although in Australia, where it will be sold as a Holden, it will likely cost over $150,000.

https://twitter.com/Earlsimxx/status/1152484429765500929

Might be an attractive option for those wanting a more affordable sportscar but if you already have one converting you across will be easier said than done.

The car market generally though is tough. The Commonwealth Bank released its Business Sales Index this morning which showed consumer spending stalled in June. It specifically said, “Auto Alley” remained in the doldrums with car sales down.

Yet the ASX Small Ords is up 0.41 percent to 2,940 points and the ASX 200 is flat as of 11.30am AEST.

It will be a quiet week in Australia, with the exception of a couple of RBA board member speeches, although it will be a big week offshore. Britain will have a new PM, earnings season is continuing in the US, and China is easing foreign investment rules as it tries to reach a trade deal.

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Going up

Suda Pharmaceuticals (ASX:SUD) has gained 33 per cent after receiving news its anti-cancer drug will be granted a patent in Europe.

Regeneus (ASX:RGS) is up 36 per cent after providing a company update.

Here are the best performing ASX small cap stocks at lunchtime, Monday July 22:

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

Going down

Melbana Energy (ASX:MAY) fell after announcing the departure of its CEO.

Here are the worst performing ASX small cap stocks at lunchtime, Monday July 22:

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

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