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ASX Small Cap Lunch Wrap: Have markets stabilised after that ‘quick and severe’ correction?
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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:
Swipe or scroll to reveal the full table. Click headings to sort.
| 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:
Swipe or scroll to reveal the full table. Click headings to sort.
| 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.
