Wall Street was volatile Friday, but eventually steadied following Thursday’s epic selloff which was driven by the tech-heavy NASDAQ Index.

The NASDAQ — which includes mega caps like Microsoft, Amazon, Google, and Facebook — sparked Wall Street’s insane rise following the COVID-19 crash in March.

Morningstar analysts believe Thursday’s selloff reflected investor fears that valuations for these megacaps were becoming overstretched.

This was aggravated by reports that options trading by Japan’s Softbank — famous for its “foolish” investment in office leasing start-up WeWork — had inflated these stocks.

“You had a significant selloff on Thursday, some follow-through in the morning and then we stabilised. The selling was pretty fierce,” Baird market strategist Michael Antonelli told Morningstar.

“Corrections like this have been quick and severe lately. We don’t know if it’s over [but] the fact we stabilised today could be a good sign.”

Following Wall Street’s lead, the ASX suffered its worst day in months on Friday. But after opening in the red, local shares have recovered quickly in morning trade Monday.

The benchmark ASX200 Index is up 0.56 per cent to 5,958.7 points at ~12pm AEST following Friday’s 3 per cent slump.

 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Monday September 7:

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CODE NAME PRICE CHANGE MARKET CAP
SBR Sabre Resources 0.016 +60.00% $20.0M
WCG Webcentral 0.17 +50.00% $20.2M
ANW Aus Tin Mining 0.0015 +50.00% $3.2M
ECT Environmental Clean Technologies 0.0015 +50.00% $2.4M
FFR Firefly Resources 0.18 +45.83% $45.0M
MBK Metal Bank 0.011 +37.50% $11.2M
DHR Dark Horse Resources 0.004 +33.33% $16.2M
OAR Oakdale Resources 0.028 +33.33% $41.8M
CPV Clearvue Technologies 0.22 +29.41% $28.3M
FNT Frontier Resources 0.02 +28.57% $8.3M
MTC MetalsTech 0.22 +26.47% $26.7M
CLZ Classic Minerals 0.0025 +25.00% $26.1M
MLS Metals Australia 0.0025 +25.00% $7.3M
MTB Mount Burgess Mining 0.011 +22.22% $6.6M
APC Australian Potash 0.14 +21.74% $63.3M
BIT Biotron 0.12 +21.05% $77.2M
EMP Emperor Energy 0.035 +20.69% $28.2M
SER Strategic Energy Resources 0.08 +20.31% $12.2M
AOA Ausmon Resources 0.006 +20.00% $3.8M
MGT Magnetite Mines 0.02 +20.00% $40.7M

 

WA explorer Firefly Resources (ASX:FFY) is hitting up to 1,439.55 grams per tonne (g/t) gold in maiden drilling at the historic Yalgoo project.

Digital services company Webcentral (ASX:WCG) has received a non-binding takeover bid from 5G Networks (ASX:5GN), which was foreshadowed last week.

 

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Monday September 7:

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CODE NAME PRICE CHANGE MARKET CAP
CWL Consolidated Financial Holdings 0.014 -87.83% $1.9M
UUV UUV Aquabotix 0.001 -33.33% $1.8M
CZN Corazon Mining 0.002 -33.33% $6.5M
PSL Paterson Resources 0.003 -25.00% $15.4M
MAR Malachite Resources 0.037 -22.92% $3.9M
ALT Analytica 0.002 -20.00% $3.5M
AZI Alta Zinc 0.006 -16.67% $18.7M
SBW Shekel Brainweigh 0.16 -15.79% $22.2M
CAE Cannindah Resources 0.022 -15.38% $5.3M
TRL Tanga Resources 0.03 -14.29% $4.1M
CBY Canterbury Resources 0.12 -14.29% $11.1M
SIS Simble Solutions 0.024 -14.29% $4.5M
TGO Trimantium GrowthOps 0.05 -13.33% $7.9M
BAT Battery Minerals 0.013 -13.33% $17.1M
PXS Pharmaxis 0.087 -13.27% $34.4M
KTE K2 Energy 0.02 -13.04% $6.0M
AGS Alliance Resources 0.21 -12.50% $37.4M
BUG Buderim Group 0.19 -11.90% $15.9M
RNE ReNu Energy 0.023 -11.54% $2.8M
BOA Boadicea Resources 0.27 -11.48% $14.7M

 

Pharmaxis (ASX:PXS) says research partner Boehringer has opted not to continue development of a drug called BI 1467335. The agreement is being terminated and the drug will be returned to Pharmaxis.