Lunchtime small cap wrap: who’s fierce and who’s falling flat
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Here are the key ASX small cap gainers and losers at 1pm AEST Tuesday.
The ASX Small Ords was up 8.4 points at 2809 by lunch.
In the green
A so-called “game changer” for gold explorer Azumah Resources (ASX:AZM) has spurred it to pole position at 1pm AEST Tuesday — up 65 per cent at 3.8c.
The company reported an intercept of 44m at 5.37 grams of gold per tonne from 99m — including zones of 7.86g/t, 10.27g/t and as much as 144 g/t.
Anything over 5g/t is considered high grade.
“These excellent intercepts are a genuine game-changer for the Wa Gold Project and increase our confidence that we can materially boost Mineral Resources and Ore Reserves,” managing director Stephen Stone told the market.
Indonesian gold and base metal explorer Arc Exploration (ASX:ARX) was up 22 per cent to 68c with no news in the market.
The company previously told shareholders it was continuing to manage and fund exploration work at its Trenggalek project in East Java — particularly the renewal of an existing forestry permit to advance the proposed drilling program.
Peninsula Mines (ASX:PSM) was up 10 per cent to 1.1c after presenting at an investor session.
Peninsula shared details of its quest to provide downstream high purity graphite for South Korea’s battery industry .
Natural skincare maker Skin Elements (ASX:SKN) jumped 20 per cent to 9.6c by 1pm AEST after sharing its quarterly last week.
It’s working to expand its product range and has appointed a corporate advisor to drive an acquisition strategy in Europe, North America and Asia.
Molecular diagnoser TBG Diagnostics (ASX:TDL) was trading up 18 per cent to 6.5c with no news in the market.
The company develops and makes molecular diagnosis kits, instruments and services out of China and says it’s becoming an essential tool helping with critical transplant decisions.
In the red
Dried fruit maker Murray River Organics (ASX:MRG) fell 19 per cent to trade at 26.5c at lunch after a lacklustre business update.
The company has fallen short of its previous harvest estimates due to smaller fruit size — which has pushed sales estimates back to between $67 million and $70 million.
Export sales were still being impacted by quality issues from the previous harvest — but new chief Valentina Tripp is working on a turnaround plan.
Caravan maker Fleetwood (ASX:FWD) fell as much as 20 per cent after a significant downgrade to its earning estimates for the financial year.
The company rebounded to settle down 17 per cent at lunch — at $1.86.
It updated its earnings forecast to $1.5 million for the half — a total of $5.5 million for the 2018 financial year. That’s down from an earlier outlook of more than $14.7 million.
Egyptian banana furniture maker Papyrus Australia (ASX:PPY) took a hit of 15 per cent to trade at 1.1c.
The company has yo-yo-ed over the past month — to highs as much as 2c — with no news in the market.
Its latest quarterly showed $4000 in receipts for the past six months — and just $11,000 left in the bank with expected outflows of $8000 this quarter.
Self-described ‘Facebook for investors’ SelfWealth (ASX:SWF) fell 13 per cent to trade at 13c by lunch.
The company previously reported excellent growth in the March quarter with revenue up 90 per cent.
Shares in the company spiked on Monday to 15c — but fell back to previous trading levels today.
A new prospectus from Black Mountain Resources (ASX:BMZ) has done little to rally its share price — the stock fell 13 per cent to 2.6c.
The company plans to rename itself Hipo Resources and raise $3.3 million at 2c a share.