ASX Small Cap Lunch Wrap: Who’s missing a rocket booster today?

What goes up must come down. But in the case of space debris from China’s latest rocket launch, it’s just a question of where (and how much of it) there is.

China sent a module into orbit last week which will form part of its new space station. And debris from the 21-tonne rocket booster that launched said module out of the atmosphere is now hurtling back to Earth.

Where will it land? Anyone’s guess at this point, although US space authorities have flagged May 8 (tomorrow) for the debris to re-enter our atmosphere.

Some of it will burn up on re-entry, but the rest is likely to make an almighty splash (somewhere) in the ocean.

Back on land, the ASX is on track to close the week in positive territory, with steady gains across the major indexes.

All the banks and miners are pushing higher, but tech stocks are tanking again with Afterpay (ASX:APT) down another six per cent and on track to lose more than 20 per cent for the week.

The Aussie dollar has shrugged off yesterday’s wobble after China suspended economic dialogue, while gold is back trading above $US1,800 an ounce for the first time since February.
 

WINNERS

Here are the best performing ASX small cap stocks to 11:30am on Friday, May 7

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


 

After a week of big resources winners, Friday gains were topped by an energy stock. Kinetiko Energy (ASX:KKO) rose by more than 20 per cent after signing a deal to acquire the 51 per cent of Afro Energy Ltd it didn’t already own from Badimo Gas.

The deal gives KKO sole ownership of exploration rights for the South Africa-based gas project, and “de-risks the project” by bringing together “all the experience and expertise of the historic joint venture parties”, the company said.

Also rising strongly were tech services company QuickFee (ASX:QFE) which flagged strong growth in its US operations, and iron ore play Magnetite Mines (ASX:MGT) which announced a share placement at a premium to its recent trading price.
 

LOSERS

Here are the best performing ASX small cap stocks to 11:30am on Friday, May 7

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


The post ASX Small Cap Lunch Wrap: Who’s missing a rocket booster 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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