Weekly ASX Small Cap Wrap: More crocs spotted in the wild
Another quarterlies season has come and gone, with ASX small caps that have yet to post four straight quarters of positive operating cash flows required to fess up about what’s been going on.
But elsewhere this week, there were still plenty of movers and shakers with big price gains on market-moving announcements such as partnership deals and new acquisitions.
With COVID-19 vaccine rollouts commencing, the days of a stock mooning on announcements about hand sanitiser or personal protective equipment seem long gone.
However, the good times are still rolling for (in?)famous footwear company Crocs.
For obvious reasons, Crocs were a beneficiary of the pandemic-induced chaos when everyone was confined to their home indefinitely (comfort first).
However, in signs of what may be a post-COVID shift in footwear fashion, the company produced another strong set of results for the March quarter, which saw its share price rise to new all-time highs this week.
The loyalty rewards platform had a big week, and it was all due to a huge surge on Thursday when the stock rose by 166pc.
RXH investors have the company’s foray into the red-hot BNPL sector to thank for that, with the company announcing a deal to provide consulting services to SplitPay.
Based in Australia, SplitPay provides an instalment service layered over credit cards, with a focus on the UK and European markets.
RXH signed a two-year agreement to assist SplitPay in generating market insights, in a deal which it said will generate minimum revenues of $5,000 per month, with expectations for more like $10,000.
Investors fired up for FIN’s M&A news on Wednesday, when the company announced it had acquired a 80% salt exploration project in northern WA, right next door to an existing successful salt mine.
Scoping studies have commenced for a production operation which will “produce salt via evaporation of seawater using solar and wind energy”, FIN said.
The company said it has a clear pathway in place to obtain environment approvals, along with a “low capital requirement expected to get to a final investment decision”.
Here are the best performing ASX small cap stocks for April 26-30 [intraday]:
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The cancer-fighting biotech was among this week’s quarterly season casualties, as investors sent the stock more than 20pc lower following its 4C announcement on Thursday, with more falls on Friday.
The company reiterated its March guidance that COVID-19 disruptions had slowed the pace of recruitment for its Phase I HER2 breast cancer study.
Net operating cash outflows for the quarter were 1.408m, and IBX finished the quarter with just over $13m in the bank.