Weekly ASX small cap wrap: Who’s cruising ahead this week?

Despite a hiccup on the first day of the month, the ASX appears to be on track towards starting off June with a bang with the All Ords up almost 1.3 per cent this week.

A good part of this optimism could stem from news that Australia’s economy has bounced back, with GDP growing 1.8 per cent in the March quarter, well above economist expectations of a 1.6 per cent gain.

In fact, Deloitte Access Economics said that Australia was just one of five countries that had a better economy than it had prior to the COVID-19 pandemic.

Just in case you’re curious, the others are China – hence why we are gaining despite their best efforts – Chile, Romania and Lithuania.

All that is good news for your super balance as companies continue to benefit from the bullish sentiment.
 

ASX SMALL CAP WINNERS

Iron Road (ASX:IRD) +84%

The prospect of secure and reliable power for Iron Road’s Central Eyre iron project proved to be attractive to punters who jumped on its stocks.

ElectraNet has started construction of a new, 270km, high voltage transmission line across the Eyre Peninsula that is expected to start transmitting power by the end of 2022.

Invion (ASX:IVX) +55%

The company noted earlier this week that it had entered into a co-development agreement with RMW Cho Group to develop Photosoft technology for the treatment of atherosclerosis and infectious diseases.

Under the agreement, Invion will gain exclusive distribution rights to the technology in the Asia Pacific region for these indications.

Last week, the company’s proof-of-concept testing on INV-043, which uses the Photosoft technology, found that it has greater anti-cancer activity, and better cancer-targeting characteristics than previous generations of APIs developed by Invion.

Actinogen Medical (ASX:ACW) +52%

Ethics committee approval was received for its clinical development program to treat patients with Alzheimer’s Disease.

The first part of the XanaMIA study is designed to study improvements in cognitive ability in older volunteers, and patients with Mild Cognitive Impairment (MCI), the first clinical stage of AD.

Here are the best performing ASX small cap stocks for May 28 – June 4 [intraday]:

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ASX SMALL CAP LOSERS

Gas2Grid (ASX:GGX) -43%

The company shares dived this week after it was informed by the Philippines Department of Energy that it was terminating its Service Contract 44 without explaining how it arrived at the decision.

Gas2Grid said it will seek a reconsideration of that decision, noting that it had declared force majeure after the Philippines Government declared a state of calamity that prevented it from accessing the Nuevo Malolos-1 well site.

Here are the worst performing ASX small cap stocks for May 28 – June 4 [intraday]:

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