Lunchtime ASX small cap wrap: Who’s waking up a bit rough today?
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Half the country is on holidays (not us though) and the ASX Small Ordinaries index (ASXO) was down 0.18 per cent to 2762.30 by midday.
Here are the big movers among small cap stocks for today, March 11:
There are some BIG winners today so far.
Gindalbie Metals (ASX:GBG) says Chinese-owned Ansteel wants to buy the company – but subsidiary Coda Minerals will be demerged to Gindalbie shareholders.
Coda will end up with the Mt Gunson copper and cobalt project in South Australia and $10.64m in cash.
This piece of news sent the Gindalbie share price up 108 per cent to 2.5c in morning trade.
If both transactions go ahead, Gindalbie shareholders will get 2.6c cash for each of their shares — a 90 per cent premium to Gindalbie’s 30-day volume weighted average price as well as a pro-rata distribution of Coda shares.
Chilean explorer Emu NL (ASX:EMU) is up 59 per cent to 7c after comparing its Vidalita project with Goldfield’s (NYSE:GFI) nearby 3.5 million ounce Salares Norte deposit after some early exploration success.
The latest round of drilling includes what Emu calls Vidalita’s ‘discovery hole’ – 24m at 5 grams per tonne gold and 28 grams per tonne silver, 20m from surface.
Here are the best performing ASX small cap stocks at 12pm EST Monday March 11:
The Candelas lithium brine project in Argentina has returned an “exceptional” intercept of 192m at 802 mg/l lithium in its maiden drillhole, popular lithium explorer Galan (ASX:GLN) says.
Over the past 12 months, the stock has soared from 9.1c to highs of above 60c earlier this month.
But the explorer wasn’t so popular today; down 16.2 per cent to 51.5c (and counting) in morning trade.
Here are the worst performing ASX small cap stocks at 12pm EST Monday March 11: