ASX Small Cap Lunch Wrap: Is this second market crash coming, or what?

The biggest stocks in the world are still making hay while the world implodes.

Defying one of the worst US economic downturns on record, four of the five FAANG members — Facebook, Alphabet, Apple and Amazon — reported better than expected earnings after hours on Thursday.

The collective result was above analyst estimates, sending the share prices of these turbocharged – some say overheated – tech titans up once again.

The after-hours rally will add an estimated $US200bn ($277.4bn) in value to their collective market caps.

>>> Scroll down for today’s biggest small cap winners and losers >>>

It’s not just Wall Street.

Analysis by GlobalData reveals that as Asian Pacific economies flounder, the aggregate market cap of the region’s top 50 companies increased 16.5 per cent quarter-on-quarter, from $US5.7 trillion to $US6.6 trillion.

Tencent Holdings, Meituan Dianping, SoftBank Group and NetEase were the major tech gainers, contributing a combined market cap of $US898bn.

That’s a 41 per cent improvement on Q1 2020.

Any second now …

It‘s cocksure coming…any moment now… from r/wallstreetbets

In Markets…

The ASX has opened in the red this morning, as Victoria announces another 627 COVID-19 cases and eight deaths over the past 24 hours.

NSW has also recorded 21 news cases in the same 24-hour period.

By 11:45am EST, the benchmark ASX200 index had dropped 1.46 per cent to 5,962.9 points, and the Small Ords Index by 1.15 per cent to 2,651.3 points.

SMALL CAP WINNERS

Here are the best performing ASX small cap stocks at 12pm Friday July 31:

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

CODE	COMPANY	PRICE	CHANGE	MARKET CAP
AQC	Australian Pacific Coal	0.34	243.43%	$18.2M
PPL	Pureprofile	0.055	223.53%	$6.0M
CYW	Cycliq	0.002	100.00%	$3.8M
PRM	Prominence Energy	0.01	42.86%	$2.1M
TGA	Thorn Group	0.145	38.10%	$33.9M
RLC	Reedy Lagoon	0.009	28.57%	$2.8M
HAV	Havilah Resources	0.195	25.81%	$56.9M
CLZ	Classic Minerals	0.0025	25.00%	$19.8M
CAD	Caeneus Minerals	0.005	25.00%	$17.5M
ACU	Acumentis	0.105	25.00%	$16.4M
MRQ	MRG Metals	0.009	21.43%	$9.9M
XF1	Xref	0.15	20.00%	$26.1M
SRN	Surefire Resources	0.007	16.67%	$4.4M
TYX	Tyranna Resources	0.007	16.67%	$7.8M
WBE	Whitebark Energy	0.004	16.67%	$9.1M
PWN	Parkway Minerals	0.007	16.67%	$12.0M
BCC	Beam Com	0.22	15.79%	$11.6M
RFX	RedFlow	0.031	14.81%	$27.5M
ACB	A-Cap Energy	0.016	14.29%	$12.2M

Online marketing firm Pureprofile (ASX:PPL) surged after announcing a 500 per cent improvement in net cash from operating activities.

Cycliq (ASX:CYQ), which makes bike dash-cams, and property valuation firm Acumentis (ASX:ACU) also jumped on positive quarterly updates.

And a bidding war has broken out between Alliance Resources (ASX:AGS) and Marmota (ASX:MEU) over Tyranna Resources’ (ASX:TYX) Jumbuck gold project, sending the explorer up +16 per cent.

SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks at 12pm Friday July 31:

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

CODE	COMPANY	PRICE	CHANGE	MARKET CAP
APG	Austpac Resources	0.001	-50.00%	$5.7M
ICG	Inca Minerals	0.001	-33.33%	$4.1M
QFY	Quantify Tech	0.001	-33.33%	$2.0M
UUV	UUV Aquabotix	0.001	-33.33%	$1.8M
NVO	Nvoi	0.011	-21.43%	$19.8M
SVA	Simavita	0.018	-18.18%	$12.1M
COB	Cobalt Blue	0.105	-16.00%	$16.8M
M8S	M8 Sustainable	0.065	-15.58%	$15.2M
PET	Phoslock Environmental	0.23	-14.81%	$143.8M
CLQ	Clean TeQ	0.175	-14.63%	$130.6M
BXN	Bioxyne	0.012	-14.29%	$7.7M
RIM	Rimfire Pacific Mining	0.006	-14.29%	$9.5M
EFE	Eastern Iron	0.006	-14.29%	$2.5M
IXU	IXUP	0.018	-14.29%	$6.6M
MMI	Metro Mining	0.087	-13.00%	$120.8M
AX8	Accelerate Resources	0.055	-12.70%	$5.5M
AVE	Avecho Bio	0.007	-12.50%	$11.2M
TAS	Tasman Resources	0.035	-12.50%	$18.5M
RMX	Red Mountain Mining	0.007	-12.50%	$7.1M