The market tanked almost 2% today with the S&P 200 dropping 88 points to 4479. Sentiment is poor and whilst it doesn't bode well for small cap stocks for those that are taking a longer term view it could be a good time to top up on some of your favourite cheapies.
Movers for today included NSL Consolidated (NSL), Empire Oil & Gas (EGO) and Enterprise Metals (ENT). NSL whilst focusing on iron ore projects in India moved on the news that it was acquiring thermal coal projects in Queensland as the opportunity presented to them was too good to refuse. Shares finished up $0.01 to $0.055.
EGO was one for the traders (and always has been) as it's shares spiked 22% to $0.028, with 231 million units changing hands. The company announced it was in discussions on a forward sales gas contract with Alcoa.
ENT received a speeding ticket from the ASX after it's shares improved from $0.20 to a high of $0.245 today. Volume wasn't exceptionally high so it makes you wonder if the surveillance division is a litte bored at the moment with the spec end of the market quiet. The company cited no reasons for the share price increase. One of the directors recently purchased a small parcel of shares on market.
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