ASX Small Cap Lunch Wrap: Stocks are up and the claws are out

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Local markets are higher today after US stocks snapped a three-day losing streak overnight, with the S&P500 up two per cent.

The selloff saw the tech-focused NASDAQ index fall into a technical correction (defined as a fall of at least 10 per cent or more).

While investors took a brief sigh of relief, the price action on markets pales in comparison to the political dramas playing out within (and across) domestic state borders today.

The bitter row between Queensland and NSW remains ongoing, as Prime Minister Scott Morrison came close to tears on 4BC radio when discussing the actions of Queensland authorities over a COVID-19 border crossing.

The case concerns Canberra woman Sarah Caisip, who was unable to get to Queensland before her father passed away and is now locked in enforced quarantine on the day of his funeral.

But Queensland Premier Annastacia Palaszczuk told parliament she wouldn’t be “bullied” by the PM, after Morrison phoned her directly with a request to take action.

Down in Melbourne, state police chief Shane Patton turned heads when he told the media he wasn’t consulted before strict curfew measures were enforced on August 2, contradicting statements from Premier Daniel Andrews.

And in NSW, the Berejiklian government found itself in an escalating stoush with the state’s Nationals party over koalas.

National leader John Barilaro said announced it won’t support the Coalition until the government changes its proposed law for the protection of koala habitats, which the Nationals says is too restrictive for land owners.

Amid all that local markets are still in the green, although the ASX200 has given up some of its early gains. The Small Ordinaries index is outperforming with a gain of more than one per cent.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Thursday September 10:

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

Music database company Jaxsta was the market leader, ripping higher into midday trade after announcing a new credit licensing deal.

Jaxsta’s service, which aims to provide a central database for musicians and engineers to receive song credits, said it will partner with US song licensing company Songtradr, to create a beefed up version of its platform.

Songtradr will also pay a $500,000 up-front fee and provide $1.4m in working capital via a debt funding facility, convertible to equity at 3.5c per share.

After closing yesterday at 2.6c, shares in JXT went into midday trade at more than 11c — a gain of over 300 per cent.

LOSERS

Here are the best performing ASX small cap stocks at 12pm Thursday September 10:

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

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