After a cautious start to the week on Monday, risk appetite returned this morning with local stocks posting solid gains in early trade.

For a gauge on risk sentiment, look no further than the ASX All Tech index, which since the Russian invasion of Ukraine has posted outsized gains during risk-on sessions and sharper falls during selloffs.

Today, it led the market with a gain of 2.6%, while the all-powerful resources sector took a breather and banking stocks edged higher.

On the subject of tech, there was a big move overnight in one of the biggest names on the Nasdaq, after Tesla announced a 20-for-1 stock split.

Shares in the company promptly surged by ~8% to close at their highest level since early January, north of US$1,000.

If approved by shareholders, Tesla’s latest stock split will follow a separate 5-for-1 split it announced in 2020.

The overnight surge added more than US$100bn to Tesla’s valuation, further increasing the wealth of CEO Elon Musk (who himself flagged overnight that he’s contracted COVID-19).

Elsewhere on local markets, Afterpay parent Block Inc (ASX:SQ2) led the large cap BNPL players higher with a morning gain of more than 7%.

And the small cap resources sector registered its second major copper strike in two days, which again sent a company soaring by more than 200% in intra-day trade.
 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for March 29 [intraday]:

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Today’s lucky copper winner was Recharge Metals (ASX:REC), which said a reverse circulation drilling program had uncovered multiple veins of copper sulphide mineralisation, “observed from 92m to end of hole at 393m”.

REC shares took off and almost quadrupled to 48c, before the stock went into a trading halt just before 11:30am EST.

Also rising strongly was Australian Pacific Coal (ASX:AQC), which jumped by ~30% on no news and has now almost doubled since the release of its half-year report on March 15.

Outside of resources, geospatial mapping and aerial imagery company Nearmap (NEA:ASX) rose by around 15% after announcing that it had chalked up annual contract values (ACV) of $150 million for the first time.
 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 29 [intraday]:

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