Midday winners and losers: downgrades and ‘cash flow secrets’ lead slip
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It’s been another day in the red after the Dow slipped 4.1 per cent overnight – though the ASX200 had recovered to be down 1.2 per cent at lunch.
Here are the key gainers and losers among ASX small caps at 12pm AEDT Friday:
In the green
e-Health provider Jayex Healthcare (ASX:JHL) took the stop spot as the biggest gainer in Friday morning trade, up 37.5 per cent to trade at 2.2c.
The company had no news in the market.
Allegra Orthopaedics (ASX:AMT) surged late in the morning to trade up 35 per cent at 19c — also on no news.
The company makes composite biocompatible ceramic material known as Sr-HT- Gahnite for orthopaedic use — a technology developed by the University of Sydney.
Environmentally-friendly plastic bag maker Secos Group (ASX:SES) shared their investor presentation with the market today, buoying their share price as much as 18 per cent.
The stock was trading at 13c at midday.
Since November, share in the company have risen 45 per cent, off the back of ‘gangbuster’ sales of its compostable resin — a key input to eco-friendly plastic bags — up 400 per cent year-on-year in H1 FY18.
Self-described ‘audio version of twitter’ HearMeOut (ASX:HMO) was trading up 17 per cent at 13.5c, on no news.
The app is set to be showcased by Ford Motors at the GSMA Mobile World Congress in Barcelona at the end of the month, in a bid to advance their connected car strategy.
Lustrum Minerals (ASX:LRM) was trading up 15 per cent at 15c with no new announcements.
In the red
Managed services prover CSG (ASX:CSV) led the losers on Wednesday after announcing a downgrade in its 2018 revenue forecasts.
The company reduced its revenue by $117 million to between $253 and $260 million for the year — blaming lower-than-expected print equipment sales.
It was trading down 32 per cent at 29.5c.
Managing director Julie-Ann Kerin described the print sales execution as “disappointing” but announced the appointment of Morgan Stanley to turn things around by conducting a strategic review.
Online video maker Big Un (ASX:BIG) dropped 27 per cent to $2 after a report in the AFR revealed its “cash flow secret”.
The report said the company “has admitted its customers are paying for its services with money advanced to them by a Sydney finance company that has itself been issued more than 3 million shares in Big”.
In response to the media speculation, the company hit back saying it does not loan money to SMEs but does allow its customers to make alternative payments for their video marketing through the Finstro platform.
Oil and gas explorers Triple Energy (ASX:TNP) was down 22 per cent on no news, trading at 7c.
Shark repeller Smart Marine Systems (ASX:SM8) announced a successful $600,000 raise this morning but shareholders weren’t impressed.
The stock was trading down 22 per cent at 3.5c.
Cash raised will be used to fund working capital, in the fight to protect US beaches from increasing populations of great white sharks.
Toy maker Funtastic (ASX:FUN) was trading down 21 per cent at 18c on no news.