Lunchtime ASX small cap wrap: Who’s walking straight into the hot seat today?
Link copied to
It looks like the opposition Labor Party has a new leader in the wake of last Saturday’s election loss, with Anthony Albanese preparing to step into the top job.
There was some chatter overnight that Queensland’s Jim Chalmers would mount a late challenge. But just before midday he pulled out of the race, with ‘Albo’ now expected to run unopposed.
In small cap land, the market continued its post-election rally with the ASX Small Ords climbing 7.9 points to 2,859.20, a gain of 0.27 per cent.
Underwater tech company UUV Aquabotix (ASX: UUV) had a big morning after signing another deal with the US military.
The defence force with the world’s largest military budget has taken a liking to UUV’s SwarmDivers — miniature vehicles which can be deployed in underwater diving operations.
The company said it’s been awarded a contract of around $150,000, which marks the US military’s fourth SwarmDiver order since April 2018. Shares in the company climbed by as much as 150 per cent to 1.5 cents.
Also rocketing higher was Flamingo Ai (ASX:FGO), which briefly doubled on news of a commercial deal with HSBC.
After trialling a virtual AI assistant designed by Flamingo, the Hong Kong-based banking multinational has signed the Aussie company up to build them the real thing.
And healthcare stock Imagion Biosystems (ASX: IBX) rose more than 30 per cent after successfully completing a toxicology safety study for its MagSense nanoparticle formulation used in the detection of breast cancer.
Here are the best performing ASX small cap stocks at 12.00pm on Thursday May 23:
On the other end of the spectrum, fintech software platform Intiger Group (ASX: IAM) got smashed after a deal with Commonwealth Bank fell through.
The company said its financial planning software met all of the standards and metrics agreed to between the two parties, however it was “unable to negotiate an ongoing commercial agreement”. Shares in Intiger fell more than 80 per cent to 0.1 cents.
Here are the worst performing ASX small cap stocks at 12.00pm on Thursday May 23: