Here are the top ASX small cap gainers and losers at Tuesday lunch. 

The ASX small ordinaries index was down 0.01 per cent to 2,878 at 12:30pm AEST.

Atlas Iron (ASX:AGO) was the most heavily traded stock in early trade this morning, with 50.8m shares changing hands by 11:30am AEST.

The company told suitor Mineral Resources (MinRes) it had three days to match or better the $390 million cash offer it received from Australia’s richest woman Gina Rinehart.

Ms Rinehart’s offer to Atlas shareholder is 4.2c cash per share, which is about 17 per cent above the company’s Friday closing price. Atlas shares closed at 4.4c on Monday and just managed to nudge 4.5c this morning before settling back to 4.4c.

GOING UP

Wireless snooper Skyfii (ASX:SKF) was up as much as 22 per cent this morning on news it had signed a two-year deal with Nando’s. The chicken chain will to use Skyfii’s customer data tracking technology to keep better informed about their diner’s tastes.

Today’s announcement is one of a range of licensing deals Skyfii has announced this year, including partnerships with Versace and more than 100 Italian servos.

Asset tracker AssetOwl (ASX:AO1) gained 29 per cent by midday, seeing an intraday high of 4.9c.

Last week the business announced a 12-month deal with Colliers International which will use AssetOwl’s platform for property reports.

Esports startup Esports Mogul Asia Pacific (ASX:ESH) bounced 19.5 per cent to an intraday high of 2.5c.

It was reinstated to trade this morning having been suspended last week ahead of a capital raising — which is now done. The business raised $4.4 million through a share placement at 1.8c a share.

Coking coal miner Bounty Mining (ASX:B2Y) kicked off life on the ASX this morning, opening at 38c and trading as high as 43c just after it lit up the boards at 11am AEST — a 23 per cent premium to its 35c issue price.

Social media marketing outfit Shareroot (ASX:SRO) also finished the morning up 25 per cent with an intraday high of 5c with no new announcements on the table.

At the start of the month the business announced two new board appointees, including the chief privacy officer at games business Electronic Arts.

Here are the ten best performing and ten worst performing small cap stocks at 12.45pm AEST Tuesday:

GOING DOWN

Petrel Energy (ASX:PRL) lost 33 per cent in the first hours of trade — down from .3c to. 2c by 11.30am off the back of no news.

The last update from the oil and gas business was on June 7, when the company confirmed it now owned 97.5 per cent of its Tessorillo project in Spain.

Gold and diamond miner Newfield Resources (ASX:NWF) was also down 21 per cent, hitting an intra-day low of 15c with no news in sight.