Weekly ASX Small Cap Wrap: Who’s been trying to look brave this week?

If you spent your week only looking at ASX companies, here’s something you may have missed.

Private coal miner Adani, named after the Indian conglomerate firm that bought it here, is keen to change its image.

Earlier this week it announced it was changing its name to Bravus Mining and Resources after nearly a decade in Australia. It said the name meant Brave in Latin.

But Atlassian boss and self-confessed “Latin nerd” Mike Cannon-Brookes pointed out it had made a mistake that wouldn’t leave a positive impression.

ASX SMALL CAP WINNERS

PAPYRUS (ASX:PPY) + 274%

After months of investor scepticism that banana palm waste trunks could replace traditional wood veneer, let alone that it was profitable, the tide is turning.

Fresh from winning a major strategic investor last month, PPY nearly quadrupled today – enough to make it this week’s biggest ASX winner.

The catalyst was a new trading update in which it told shareholders its manufacturing operations in Egypt were now profitable.

ANAX METALS (ASX:ANX) +55%

Here’s another ASX winner this week which left its run till late. The junior explorer, formerly known as Aurora Minerals, relisted this week after undergoing a recapitalisation.

Anax has formed an 80 per cent earn-in deal in Venturex Resources’ (ASX:VXR) Whim Creek copper-zinc project in the Pilbara region of WA.

With the project right next door to De Grey’s (ASX:DEG) Mallina project, it has told shareholders it will also be on the hunt for ‘Hemi-like’ gold discoveries.

MICRO-X (ASX:MX1) +33%

The portable X-ray maker, which obtained FDA approval back in July, made another foray into the US market.

While its main target market is defence forces that need to set up temporary medical facilities, it might just have another opportunity.

Earlier this week, it won a contract from the Department of Homeland Security to conceive a better airport security screening solution.

Here are the best performing ASX small cap stocks for this week – November 2 – November 6 [intraday]:

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ASX SMALL CAP LOSERS

TRIANGLE ENERGY (ASX:TEG) -28%

This company was rocked last Friday with news BP was shutting its Kwinana fuel refinery, where oil from Triangle’s Cliff Head field is directly transported.

Triangle’s ASX shareholders have panic-sold all week since the stock resumed trading following last Friday’s trading halt.

This was despite being told operations at Kwinana would continue for some months yet and Triangle was assessing what alternative opportunities may be available thereafter.

Here are the worst performing ASX small cap stocks for this week – November 2 – November 6 [intraday]:

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