Weekly ASX Small Cap Wrap: Resources shares rocket, tech gets slammed

In the financial market, the biggest factor of how your week went depended on what sector or asset you were in.

In crypto markets, Dogecoin keeps rising. In commodities it’s a good time to be in copper.

On the ASX, the winners list was dominated by gold and copper plays but the losers were all tech stocks.

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for May 3-7 [intraday]:

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

 

Odyssey (ASX:ODY) +161%

Drilling results that reveal dozens or hundreds of grams of gold per tonne are nice, but there’s nothing like seeing actual visible gold.

That’s what Odyssey scored this week, and shareholders in the company were handsomely rewarded.

Very visible gold. Pic: Supplied

 

Great Boulder Resources (ASX:GBR) +111%

Fellow gold play Great Boulder also rose, but it took two announcements over two days from two different projects.

On Wednesday it revealed the results of reverse circulation drilling at its Whiteheads project. Top hits included:

  • 40m at 1.15g/t gold from 44m, including 24m at 1.54g/t;
  • 40m at 1.03g/t from 40m, including 16m at 1.4g/t; and
  • 15m at 1.02g/t from 65m.

The next day it revealed drilling results from its Mulga Bill project which its managing director labelled “stunning”. These included:

  • 6m at 31.2 grams per tonne (g/t) gold from 130m, including 1m at 136g/t;
  • 3m at 34.5g/t from 32m; and
  • 14m at 2.62g/t from 88m, including 4m at 5.86g/t from 88m.

Applyflow (ASX:AFW) +75%

In what was a terrible week for most tech stocks, this HR software firm kept climbing off the back of its quarterly last Friday.

AFW’s SaaS platform booked $208,000 of contracts in the quarter, due largely to strong momentum in March following a key product update in February for its HR platform, the company said.

Hillgrove Resources (ASX:HGO) +55%

Back to resources – this copper play scored a mammoth 170m hit at its Kanmantoo project in South Australia.

The hit included sections like 23m at 2.48 per cent copper.

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for May 3-7 [intraday]:

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

 

Merchant House (ASX:MHI) -39%

Three weeks ago this textiler broke months of silence by announcing it had sold its facility in China for US$20 million and more than doubled in a day.

Shares were then suspended, as the ASX asked further questions about the sale. The stock was reinstated to trading this week and lost some of the gains it made, but is still ahead of where it was prior to the announcement.

Appen (ASX:APX)23%

It was a tough week for tech stocks, but particularly for SaaS platform Appen, which listed in 2015 and has been a market-darling ever since.

The sharp fall occurred on Thursday morning, right on the same day APX was presenting at the Macquarie Bank investors’ conference.

Appen told the ASX it noted the messaging was consistent with what it had been telling the market — that there were several general factors including share price declines of tech companies generally and speculation about regulation.

The post Weekly ASX Small Cap Wrap: Resources shares rocket, tech gets slammed 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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