Lunchtime small cap wrap: who’s performing the big tricks so far today
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Following news of slower growth in the Australian economy today, the ASX Small Ords were trading down 11 per cent at 2701 by 12.45pm AEDT.
Here are the key ASX small cap gainers and losers at 1pm AEDT:
In the green
Enterprise property management tech Asset Owl (ASX:AO1) has topped the list so far this morning, rising 33 per cent to trade at 10c by 1pm AEDT.
It’s a significant hike since the company announced an agreement with a NSW government agency earlier this month.
At the time, the company said the deal was be the first of a planned expansion into the government asset management sector.
Cancer drug developer Patrys (ASX:PAB) has enjoyed another surge after the announcement of positive results last week.
The stock was up another 21 per cent, to trade at 5.8c at 1pm AEDT.
Last Wednesday, it told the market it had evidence to prove its brain tumour treatment could cross the blood-brain barrier and reduce the size of growths.
Shares in the company doubled on its announcement to 4.4c.
Corporate finance and advisory IQ3 Group (ASX:IQ3) bounced back today after dropping 20 per cent in trade yesterday.
The stock was trading up 25 per cent to 25c — back to its position at the start of the week — with still no news in the market.
Gold Mountain (ASX:GMN) this week announced bonanza grade gold nuggets at its PNG crown ridge site and today was trading up 20 per cent to 12c.
The stock surged to 14c on the news on Monday, but has fallen since, to recover back to heights as much as 14c today.
It’s the start of the company’s flagship project and will progress its goal to develop a relatively short-term start-up bulk gold mining operation.
Environmental Clean Technologies (ASX:ESI) shot up 20 per cent today with no news in the market.
Shares in the company were trading at 1.2c at midday.
The company featured on a panel at a sustainability conference in India last week and is gaining momentum in that market to implement its technology.
In the red
Toymaker Funtastic (ASX:FUN) continues it decline – dropping 5 per cent to trade at 18c at 1pm AEDT.
The company had no news in the market, but is plotting a restructure with new director Phillip Jones a key recent hire.
At his appointment, the company said Mr Jones would assist management to grow its confectionary segment with his “commercially sound and simple approach to business growth and development”.
Matrix Composites and Engineering (ASX:MCE) fell 14 per cent to 47c.
Half-year results from the company showed a decline in revenues, netting just $11.9 million compared to $22.9 million in the previous corresponding period.
It reassured the market it was on the up and would be buoyed by the recovery of the local oil and gas sector.
Maker of solar heat pumps, Quantum Energy (ASX:QTM) dropped 14 per cent on no news.
The stock was trading at 2.4c.
Nex Metals (ASX:NME) continued to slip from its position yesterday, dropping 12.5 per cent to 2.1c.
The stock finished last week at 3c, and has been a solid downward trajectory since, despite no news in the market.
Copper cobalt play Riedel Resources (ASX:RIE) dropped 10 per cent to trade at 6.2c.