ASX Small Cap Lunch Wrap: ‘Only in America’ edition
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Local stocks have continued their march higher today after another solid session on Wall Street.
There were steady gains at the big end of town while the ASX Emerging Companies Index rose more than one per cent into midday trade.
The moves precede a highly anticipated speech tonight from US Fed Chair Jerome Powell, who is expected to underline the central bank’s commitment to an extended period of low interest rates in a bid to fend off deflation in the US economy.
Speaking of the US, we reckon the Old School scene depicted in today’s picture — where Will Ferrell’s character shoots himself in the neck with a tranquilliser gun and jumps into a swimming pool — is a relatively apt metaphor for overnight developments ‘stateside.
Day three of the Republican National Convention is getting into full swing, with vice-president Mike Pence expected to give a speech touting law & order.
Meanwhile, protests continued in Kenosha, Wisconsin, following the police shooting of Jacob Blake. The unrest gave rise to another round of shocking violence, when a 17 year-old armed with a rifle shot and killed two people before being arrested.
Down in Florida, NBA basketball players are sitting out today’s games in the league’s playoff “bubble” to lodge their own protest against the Blake shooting. That was followed by similar moves in the WNBA and Major League baseball.
To cap it off a powerful hurricane is also bearing down on the US Gulf of Mexico and is expected to make landfall this week, in between two of the country’s largest oil refinery hubs.
The potential supply disruption saw oil prices tick higher overnight, while the US dollar gold price briefly climbed back above $US1,950 an ounce.
Here are the best performing ASX small cap stocks at 12pm Thursday August 27:
Product authentication company YPB Group (ASX:YPB) ticked higher on some positive China news, after signing two three-year supply contracts with companies in Suzhou and Beijing.
The deals are expected to add “a minimum of A75,000 in revenue, with possible upside in years two and three”, YPB said.
Regenerative medicine company Exopharm (ASX:EX1) was also among the winners, after coming out of a six-day trading halt in the wake of its full-year results yesterday to announce the completion of a $10m share placement to institutional and high net worth investors.
Here are the worst performing ASX small cap stocks at 12pm Thursday August 27: