Lunchtime ASX small cap wrap: Who’s twisting like they did last summer today?

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It was 59 years ago today that Chubby Checker’s ‘The Twist’ became famous. It was first released in June but on August 6, 1960 he performed it on Dick Clark’s American Bandstand.

Within months, it became the early 1960s equivalent of the Harlem Shake, planking, the ice bucket challenger or whatever else lasted a few months before being forgotten (until just now).

Chubby went on to perform many hits and is still alive and well at 78 – his most recent single was released in 2013.

Speaking of twisting last summer, our markets did just that from a downturn to an upswing just after Christmas. Both the ASX 200 and ASX Small Ords gained 25 per cent between Christmas and the end of July.

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Since then the ASX Small Ords has lost 7 per cent and is at 2,791 after dropping another 2.5 per cent today. The ASX 200 is down 2.3 per cent to 6,490 and has dropped over 5 per cent since the turn of the month.

Look at the global macro picture and it’s not good. The trade war, Hong Kong protests, central banks looking unlikely to cut interest rates anymore. But some company shareholders have had good news today.

Going up

CropLogic (ASX: CLI) is up 15 per cent after securing a supply agreement with a local hemp processor.

Phylogica (ASX: PYC) gained 11 per cent after declaring its technology “is effective in human cells”. A pre-clinical study found it can deliver Anti-Sense Oligonucleotides into human cells – essentially therapeutic agents which could treat diseases.

Here are the best performing ASX small cap stocks at lunchtime, Tuesday August 6:

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

Going down

Rural Funds Group (ASX: RFF) fell 42 per cent… until trading was halted at 11am. A report by Bonitas Research alleged the company had committed fraud and was worthless.

We are short Rural Funds Group (#ASX: $RFF) and believe it is a Fraud. Expect $RFF #RFF to ultimately be worthless. New Fraud Report just released on our website https://t.co/c9zj9ObJr3 @ActivistShorts @FT @business @markets @WSJbusiness @ASX

— Bonitas Research (@BonitasResearch) August 6, 2019

Here are the worst performing ASX small cap stocks at lunchtime, Tuesday August 6:

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

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