Lunchtime small cap wrap: who’s jumping higher and who’s falling
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Here are the key ASX small cap gainers and losers at 12pm AEST Friday.
The ASX Small Ords was down 2.6 points at 2800 at 12.45pm AEST.
In the green
Tech investor Integrated Media Technologies (ASX:ITL) more than doubled, prompting a query from the ASX’s compliance team.
The stock was trading up as much as 221 per cent at midday — at $15 — before it was suspended by the bourse.
It is in the process of delisting from the ASX to trade solely on the NASDAQ which is expected by mid-June.
ITL says the administrative, compliance, and financial obligations could no longer be justified to trade on both markets.
Financial planning service Intiger Group (ASX:IAM) was up 47 per cent to 2.8c after sharing its latest quarterly.
The company started a pilot of its platform with the Commonwealth Bank during the quarter — which it said represented a significant achievement and would could lead to a long-term solution for the bank.
It said it was continuing to develop its “BOOM2” platform to provide online tools that enhance adviser and client relationships while reducing costs and improving the quality of advice.
That sounds timely given the fallout from the banking royal commission.
New blood on the Arowana International (ASX:AWN) board has spurred it up 34 per cent to 39c.
Eduardo Fernandez has been appointed executive director — bringing his 25 years of experience as a Silicon Valley venture capitalist.
Banana-furniture maker Papyrus Australia (ASX:PPY) was up 30 per cent to 1.3c with no news in the market.
In its last quarterly the company reported just $4000 in receipts for the past six months – leaving it with $11,000 in the bank.
As of March, its Eqyptian business partner had taken control of its factory operations — and was operating under a temporary licence.
Digital health provider Adherium (ASX:ADR) was trading up 16 per cent to 14c after partnering with Vitalus health earlier this week.
The partnership will see the two target patients with chronic obstructive pulmonary disease (COPD) using its Smartinhaler technology.
Under the agreement, the product will be promoted to Vitalus’ network of lung specialists.
The news was released on Tuesday — but spiked after a conference call with the chief earlier today.
In the red
User-generated content provider CrowdSpark (ASX:CSK) led the losers at midday – down 25 per cent to 5.1c.
The company earlier this week released its quarterly -noting a decrease in its customer receipts from $868,000 to $340,000 – putting it down to a large one-time project that occurred the year before.
But it said it had secured new contracts including global insurance group Allianz, a French book publisher and a niche medical workers insurance firm.
Insurer Ensurance (ASX:ENA) fell 23 per cent to trade at 4c after 28 million shares were released from escrow to founders Stefan Hicks and Brett Graves.
Earlier this week Tony Wehby was added to the board, bringing experience in professional advisory and corporate finance.
Despite landing a deal to distribute Toy Story 4 toys in Australia and New Zealand, Funtastic (ASX:FUN) shareholders sold down the stock.
The shares were trading down 15 per cent to 16c at midday.
“The decision by Thinkway to appoint Funtastic to market and merchandise Toy Story 4 is an endorsement that Funtastic has excellent capabilities in this area,” said Funtastic CEO Steven Leighton.
Funtastic believes the deal will generate $25 million revenue in 2019 and 2020 plus EBITDA profit margins of 15-20 per cent.
Topaz and Tungsten play TopTung (ASX:TTW) dropped 14 per cent to 4c at midday.
The company had no news in the market, but was continuing its research with UNSW on the bulk market potential of Topaz.
TopTung warned investors of a long lead time for all facets related to its Torrington Topaz project — meaning it needed to find additional projects in the interim.
Teacher hiring platform Schrole (ASX:SCL) fell 14 per cent to trade at 1.2c.
The company had no news in the market, reporting $415,000 in receipts for the quarter earlier this week, leaving $2.2 million left in the bank.