Midday Winners and Losers: resources lead small cap bounce back
ASX small cap stocks rebounded today as the market came to terms with the turmoil earlier this week.
Here are the key gainers and losers among ASX small caps at 12pm AEDT Wednesday:
In the green
‘Spectacular’ gold results have boosted WPG Resources (ASX:WPG) to reach double its share price in the morning’s trade.
The stock was trading up 118 per cent at 3.5c to make it the biggest gainer at midday.
Results are despite an early warning in January that a change in strategy at the operation could see reduced production in the short term.
Cougar Metals (ASX:CGM) rose 37 per cent on news it had secured a cobalt project in Chile.
The stock was trading at 1.1c at midday.
CGM signed the letter of intent with Antasitua Chile to acquire a 100 per cent interest in the 36 sq km Plateado Cobalt project, reported to have produced high-grade cobalt historically.
Education technology play ReadCloud (ASX:RCL) was up 35 per cent on its debut in the market.
The company raised $6 million in its IPO at 20c a share and was trading at 27c at midday.
Its proprietary e-reading platform eReader delivers Australian curriculum to secondary schools and is said to have more than 20,000 users currently.
Blockchain and cryptocurrency darling Digital X (ASX:DCC) was trading up 33 per cent at 22c on no news, a slight recovery from recent lows.
Recent market entrant IntelliHR (ASX:IHR) was up 29 per cent in just its third week of trading.
The stock was trading at 40c, up from its IPO issue price of 30c.
In the red
Wollongong Coal (ASX:WLC) makes the list for the third time this week, yo-yo-ing its place to the top of the losers.
The company was trading down 35 per cent at 0.9c as it settles from news of a potential suspension of its operations earlier this week.
County International (ASX:CCJ) was down 21 per cent at 1.1 per cent with no news in the market.
Odin Metals (ASX:ODM) today told the market it had executed an agreement to increase its exposure to its partners Sturgeon Lake copper and zinc project.
But shareholders weren’t convinced – the stock trailing 17 per cent at 27.5c at midday.
The company is looking to raise $2.5 million at 20c to fund the agreement.
Greatcell Solar (ASX:GSL) was down 13 per cent at 15.5c on no news.
High grade drill results and visible gold were not enough to stop Draig Resources (ASX:DRG) from dropping 11 per cent in trade.
Its shares were at 19c at midday.
The company told shareholders it had logged visible gold in several holes and that the strike length was as long as 550 metres.