Here are the key ASX small cap gainers and losers at 1pm AEST Tuesday.

The ASX Small Ords was trading up 3.3 points at 2739 at 12.45pm AEST.

In the green

Italian oil explorer ADX Energy (ASX:ADX) was trading up 22 per cent to 1.1c.

It comes after the company updated the market in its quarterly — sharing its persistence in appealing an Italian regulatory decision that deemed it to have insufficient capital to fulfil its permit commitments.

At the end of March it had $2 million in the bank but said it had started talks with “farm-in” partners, financial guarantors and contractor companies.

A market update has spurred Golden Cross Resources (ASX:GCR) up 15 per cent to trade at 1.5c at lunch.

Golden told shareholders its proposals continued to be supported by major shareholder HQ Mining, with an approved budget of $700,000 to the end of January.

It reported $41,000 in receipts in the last quarter and $323,000 left in the bank.

Coking coal miner Aspire (ASX:AKM) was trading up 15 per cent at 3.1c after sharing its quarterly figures.

The company was continuing a feasibility study at its Mongolian Nuurstei Coking Coal Project. Drilling was temporarily delayed while the company consulted with locals.

Aspire said the March quarter saw advances for its Northern Railways project which it’s hoped will establish a rail corridor between China and Russia, through Mongolia.

Luxury retailer AhaLife (ASX:AHL) jumped 15 per cent to trade at 2.3c after sharing details of a 20 per cent increase in orders for the year so far.

In the first nine months of the year it booked 23 per cent higher sales at $7.3 million compared to $6 million in the previous period.

At the end of the quarter it had $5.1 million in the bank.

WA uranium explorer Cauldron Energy (ASX:CXU) was up 14 per cent to 3.9c on no news.

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In the red

Toy-maker Funtastic (ASX:FUN) led the losers with a 21 per cent drop to 15c with no news in the market.

Graphite explorer Renascor Resources (ASX:RNU) dropped 24 per cent to 2.9c.

Renascor announced it had raised $6.5 million to fund the next stages of its graphite project in South Australia. The new shares were sold at 2.7c — a 25 per cent discount on yesterday’s close of 3.6c.

Existing shareholders promptly exited — selling the shares down 20 per cent to 2.9c by 12pm AEST Tuesday.

Downgraded profit guidance from Servcorp (ASX:SRV) has seen its share price fall 17 per cent to $3.90 at lunch.

The company said profit had been expected at between $45 and $55 million — but slashed its estimates down to between $30 and $35 million.

It said despite being advised to accelerate growth in Europe and the Middle East, it was not going to proceed and there would be no further expenses related to the review at this time.

Chief Alf Moufarrige was en route to the US this week to turn the business around in that territory.

Financial planner tech Intiger Group (ASX:IAM) was trading down 17 per cent at 1.9c.

It comes after the company reported $127,000 in receipts and $2 million left in the bank — with estimated outflows of $870,000 in the quarter ahead.

CommsChoice (ASX:CCG) dropped 15 per cent to trade at 16c at lunch with no news in the market.