Lunchtime ASX small cap wrap: Who’s waiting for the sun to go dark today?

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An eclipse is an easy metaphor to make for stocks that have fallen.

But this week a century ago, there was a major solar eclipse that confirmed Albert Einstein’s theory of general relativity. Einstein argued in 1915 that light’s path bends when it passes by massive objects.

For four years people had their doubts but the 1919 solar eclipse confirmed his theory. Astronomers found that starlight shifted when passing by the Sun on a path towards Earth.

Back to this century and this week NASA told us we will see a solar eclipse on July 2. Unfortunately you’ll have to travel to Chile’s Elqui Valley to get the full blast of it and that’s all we’ll be getting this year.

Of course, eclipses bring out different reactions in different people.

Back the local markets, the ASX Small Ords Index was down 36 points, or 1.2 per cent, to 2827 by 11:30am EST. It’s arguable our stocks are following global markets in Europe and America which dropped again overnight.

But the minimum wage review and the ABS Building Approvals statistics for April did not help. The minimum wage will rise 3 per cent and building approvals were down nearly 5 per cent in April and 22 per cent in the last 12 months.

Here are the key ASX small cap movers at lunchtime on Thursday May 30:

Going up

Some stocks that rise in one day can drop the following day. Not Oliver’s Real Food (ASX: OLI). It’s up another 26 per cent today.

As we reported yesterday it seems to have turned its financial situation around.

Patrys (ASX: PAB) was up 26 per cent too after confirming it can cure mice of brain cancer. Unfortunately curing brain cancer in humans is some time away.

Argonaut Resources (ASX: ARE) is up today despite having nothing new since reporting drilling had been suspended at its copper project – which cause it to fall yesterday.

But the biggest gainer was CAQ Holdings (ASX: CAQ) which announced it was getting into e-commerce in China. It’s up 75 per cent.

Here are the best performing ASX small cap stocks at lunchtime, Thursday May 30:

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

Going down

Apollo Tourism & Leisure (ASX: ATL) still anticipates a profit of $14-$15 million but this was a drop from previous estimates and shareholders have sent the stock down 31 per cent.

Biotech play Bionomics (ASX: BNO) fell 17 per cent after telling shareholders it’s the status quo for now. it had engaged in talks to monetise its portfolio but they were not compelling to the board.

While it is conducting a clinical trial on treating agitation in elderly patients, conducting any more won’t be feasible with its current cash reserves.

Here are the worst performing ASX small cap stocks at lunchtime, Thursday, May 30:

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

Finally, in international sport today… Australia begins its defence of the Cricket World Cup.

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