Victoria’s latest COVID-19 outbreak is getting a tad spicy, with 15 cases now recorded and a nervous wait over the next 24 hours as contact tracers play catch-up.

While domestic weekend travel plans now hang in the balance, the ASX is meandering through the middle of the week with modest gains in morning trade.

US stock futures are pointing slightly higher after a small dip on the S&P500 overnight, while gold has climbed above US$1,900 an ounce for the first time since early January.

The sense of normalcy in markets has been accompanied by easing inflation concerns, although it’s probably fair to say the outlook for US CPI growth is still the main game as 2021 approaches its halfway point.

Next up on that front will be a speech overnight from US Federal Reserve vice chair Randal Quarles, who will give a speech on the US economic outlook (5am Australian eastern time).
 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Wednesday, May 26:

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CODE COMPANY PRICE % CHANGE VOLUME MARKET CAP
RLC Reedy Lagoon Corp 0.026 58 66,005,869 $7,755,432
ANL Amani Gold Ltd 0.0015 50 455,967,797 $12,386,997
ECT Env Clean Tech Ltd 0.0015 50 4,007,959 $11,584,625
MEM Memphasys Ltd 0.072 38 5,305,687 $39,508,242
TSC Twenty Seven Co. Ltd 0.005 25 3,445,849 $10,642,758
YPB YPB Group Ltd 0.0025 25 4,994,916 $9,983,641
MOZ Mosaic Brands Ltd 0.715 24 406,463 $55,581,185
PRX Prodigy Gold NL 0.064 23 20,909,444 $30,192,636
EOF Ecofibre Limited 0.57 20 549,532 $161,982,589
T3D 333D Limited 0.003 20 190,956 $3,442,888
CGN Crater Gold Min Ltd 0.019 19 129,135 $19,639,934
DLC Delecta Limited 0.007 17 14,285 $6,051,727
NTL New Talisman Gold 0.0035 17 396,558 $8,376,676
BBL Brisbane Broncos 0.52 16 2,633 $44,118,284
MZZ Matador Mining Ltd 0.425 15 1,196,100 $69,313,932
AFW Applyflow Limited 0.008 14 1,123,131 $12,682,976
CAV Carnavale Resources 0.008 14 678,790 $16,661,612
CIO Connected Io Ltd 0.008 14 6,497 $3,731,558
KNM Kneomedia Limited 0.008 14 1,004,049 $6,917,727
TPD Talon Petroleum Ltd 0.008 14 6,138,859 $42,021,277

Investors loved the update from resources minnow Reedy Lagoon Corp (ASX:RLC), which announced a research tie-up with the CSIRO to investigate a method for proving out magnetite iron resources using “petro-physically constrained magnetic modelling”.

The goal is to develop techniques that rely more on geophysics than drill holes, as the company works towards developing its green Burracoppin iron project in WA.

Volatile biotech company Memphasys (ASX:MEM) was also high up on the winner’s list following a capital raise.

The stock is well off from its 2020 highs around 15c, but rose sharply to ~7c this morning after announcing it’s secured another $3m in funding from its two largest shareholders via unsecured convertible notes.
 

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Wednesday, May 26:

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Code Company Price % Volume Market Cap
CLZ Classic Min Ltd 0.0015 -25 39,053,906 $39,693,264
CYQ Cycliq Group Ltd 0.0015 -25 1,309,564 $7,579,356
UUV UUV Aquabotix Ltd 0.0015 -25 1,000,000 $4,776,750
IQ3 Iq3Corp Limited 0.115 -23 63,333 $15,651,150
LNY Laneway Res Ltd 0.004 -20 580,000 $18,875,330
NPM Newpeak Metals 0.002 -20 45,575,649 $14,185,403
ALT Analytica Limited 0.0025 -17 300,000 $13,198,546
CCE Carnegie Cln Energy 0.0025 -17 10,545,398 $44,107,721
VIC Victory Mines Ltd 0.0025 -17 2,106,666 $16,704,758
WOO Wooboard Tech Ltd 0.0025 -17 6,170,232 $11,466,488
HHI Health House Int Ltd 0.13 -16 4,200 $9,169,594
DEV Devex Resources Ltd 0.345 -16 4,879,952 $115,888,074
FTZ Fertoz Ltd 0.043 -14 59,572 $9,205,634
FPL Fremont Petroleum 0.0035 -13 28,505,218 $18,714,050
EME Energy Metals Ltd 0.18 -12 700 $42,985,079
TON Triton Min Ltd 0.036 -12 2,001,890 $46,513,191
NML Navarre Minerals Ltd 0.11 -12 2,985,382 $68,280,269
RGS Regeneus Ltd 0.082 -12 139,318 $28,229,068
CAP Carpentaria Resource 0.14 -11 11,689,551 $73,739,800
LSA Lachlan Star Ltd 0.024 -11 4,387,716 $34,330,843