Midday winners and losers: green energy stands out in sea of red
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Here are the key gainers and losers among ASX small caps at 12pm AEDT Monday:
In the green
Integrated Green Energy (ASX:IGE) was a strong mover on Monday morning, the stock rising 14 per cent to 24c.
While there was no news in the market, it follows the company’s reinstatement to trade last week and its purchase of an Amsterdam company that operates a waste plastic to road ready fuel plant.
The company had initial plans to construct a plant in Hume, but after strong community concerns the land of the proposed sight was sold.
Invion (ASX:IVX) continues its strong run from last week, up 13 per cent to trade at 1.7c at midday.
The company reported just $281,000 left in the kitty for the last quarter, but under a new chairman hopes to raise $2.5 million.
Despite no fresh news on the market, tungsten stock Vital Metals (ASX:VML) was also up, trading at 1c or 11 per cent from open.
Arrow Minerals (ASX:AMD) surged 9 per cent to reach 3.4c in morning trade after its announcement of a joint venture for its Fraser Range Nickel project with Independence Group.
The investment of $2.5 million was also complemented with a $2.65 million raise at an issue price of 2.9c a share.
Resource investor GWR Group (ASX:GWR) was up 9 per cent to 7.3c with no news.
In the red
Wollongong Coal (ASX:WLC) lead the downwards charge after announcing a proposed suspension of its last operational mines due to late payment of fees.
The stock was trading down 46 per cent at 0.8c.
Winchester Energy (ASX:WEL) was down 32 per cent to 6.1c after the announcement of production testing results from its Texan project.
It told shareholders an independent review had suggested a depleted reservoir from adjacent oil production and that further drilling would instead focus on virgin areas.
App-maker Gruden Group (ASX:GGL) was down 26 per cent to trade at 1.1c.
The company had no news in the market but told shareholders in its quarterly that it was reviewing its IP and looking to commercialise its products.
Lanka Graphite (ASX:LGR) announced a 360 turnaround on its board this morning and the reappointment of Emily Lee as a director after just 3 days.
It told the market she was reappointed to the role after further discussions with the Board and her terms of engagement were unchanged.
Shares in the company were trading down 25 per cent at 4.5c on the news.
MetalsTech (ASX:MTC) fell 23 per cent after announcing its $3 million investment with Chinese partner Dynavolt was over.
Shares in the company were trading at 18c at midday.