ASX Small Cap Lunch Wrap: Who’s bagging a 6,000pc gain today?

The ASX has gotten into the Friday spirit to end the week, with steady gains across the board leaving the local index well-placed to snap a three-day losing streak.

It followed similar gains in the US, as markets bounced back from more inflation jitters which have seen capital flows pivot out of high-growth tech stocks.

Speaking of pivots, Elon Musk is back at it again with some more shenanigans in the crypto space.

Yesterday, Musk’s electric vehicle company Tesla — ostensibly a business focused on helping the environment — announced it would no longer accept Bitcoin as payment due to the amount of energy used in BTC mining.

That marks a 180-degree flip in Elon’s moral compass since February, when some small print in Tesla’s annual report showed it had changed its investment policy in January and promptly bought US$1.5bn of Bitcoin.

So if BTC is out, what comes in its place? For now, Musk is now eyeing off everyone’s favourite Shibu Inu. Good times:

Back on traditional markets, crypto hodlers with their red laser-eyes burning bright would no doubt be salivating at the >6,000% gain generated by a junior iron ore play in morning trade today. Read on below to find out more.
 

WINNERS

Here are the best performing ASX small cap stocks to 11:30am on Friday, May 14

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

We assume the 6,000% gain from Mindax Limited (ASX:MDX) probably caught your eye at the top of today’s winners list.

One could argue it’s not an intraday gain as such, because the stock has been in suspension since June 2019 for breaching sub-sections from Chapter 12 of the ASX Listing Rules around on-going requirements (including 12.2 — financial condition).

The company wasn’t totally inactive in that time, announcing a ~$2m capital raise last June at 0.5c per share. Investors who participated in that raise would most likely be delighted at today’s reinstatement price which rose as high as 20c.

Mindax’s assets include the Mt Forrest magnetite iron ore project in WA, where it has established a joint venture with Norton Gold Fields Pty Ltd — a subsidiary of the China-based Zijin Mining Group.

Earlier this week, Mindax announced that Norton has now received Foreign Investment Review Board (FIRB) approval for its proposed earn-in of a 19.9% interest in the Mt Forrest Project, which has a proven JORC resource of over 1.7 billion tonnes.
 

LOSERS

Here are the best performing ASX small cap stocks to 11:30am on Friday, May 14

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


The post ASX Small Cap Lunch Wrap: Who’s bagging a 6,000pc gain today? appeared first on Stockhead.

Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.

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