Local stocks looked pretty sick yesterday, as markets sold off on fears that US interest rates may rise faster than expected.

But overnight, Wall Street bounced back as US investors digested the rates update and got back to regular programming.

Major US banks were among the best performers and that move has flowed through to Asian trade, just one day after the ASX financials index posted its biggest fall since May 29, 2020.

Mining stocks are also up as investors get comfortable with the idea that policy makers are managing the economic recovery while keeping inflation expectations anchored, as CPI prints rise through the middle of the year.

The US dollar has dipped back from the high it struck during the (brief) bout of risk-off sentiment, while gold is trading just below US$1,800/oz.

Crypto is still under pressure, as Bitcoin’s 50-day moving average fell below its 200-day moving average — a technical trading indicator known as the “death cross” that could signal more falls to come.
 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Tuesday, June 22:

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Ragnar Metals (ASX:RAG) led from the front after the first drilling program at its fully-owned Tullsta nickel project in Sweden intersected “significant magmatic sulphide mineralisation” in the second drill hole.

The update sent RAG shares ~60% higher to a 2021 high of around 5c.

Also rising strongly was SUDA Pharmaceuticals Ltd (ASX:SUD), which announced firm commitments for an over-subscribed share placement at 3.8c to raise $3.65m.

The offer marked a premium to SUD’s last traded closing price of 3.6c, but is now a discount to its 5c valuation this morning.

SUDA said the funds raised will support initial development of the iNKT cell therapy platform that it recently acquired from Imperial College, London.

And cybersecurity firm Tesserent (ASX:TNT) was also on the winner’s list, after advising it now expects annualised turnover to June 30 of around $180m, up from its previous forecast of $150m.
 

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Tuesday, June 22:

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