Weekly ASX small cap wrap: Market maintains upward momentum

The Australian market looks set to close the week on a positive note once again, with ‘lithium’ the buzzword in everyone’s mouths.

Lithium sentiment is massive thanks to growing adoption of electric vehicles and indications that demand will outstrip supply.

Even our survey of experts found that lithium stocks still has legs, though you might want to exercise a little more discretion with your dollars.

Uranium has also received some attention this week after the Nationals called for Australia’s nuclear ban to be binned.

The benchmark ASX 200 index is up 1.12% this week to 7,622.5 points.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for August 6 – August 13 [intraday]:

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Charger Metals (ASX:CHR) +150%

Shares in the company soared after it kicked off fieldwork at its Bynoe lithium project near Darwin.

Charger is expanding mapping and geochemical sampling over the 14 pegmatite anomalies it had identified within a 5km long zone.

Bynoe is surrounded by Core Lithium’s (ASX:CXO) Finnis lithium project, which has a mineral resource inventory of 14.7Mt at 1.32% Li2O and is at a very advanced stage of development having had completed a definitive feasibility study.

Rhinomed (ASX:RNO) +83%

Winning a New South Wales government contract to supply one million SARS-CoV-2 Rhinoswabs proved to be a winner for Rhinomed.

The initial order is expected to represent about 25% and 35% of its unaudited FY21 revenues of $3.9m.

Testing has demonstrated that Rhinoswabs are substantially more comfortable and easier to use than the standard nasal swab, while capturing a larger sample.

Aruma Resources (ASX:AAJ) +68%, Ardiden (ASX:ADV) +67%.

Neither Aruma nor Ardiden released any news this week but were some of the top performing stocks on our lithium watchlist.

Aruma is mainly a gold explorer but also has the early stage Mt Deans lithium project near Norseman while Ardiden recently remind punters about its “strategically located high grade lithium assets”.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for August 6 – August 13 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort: