The ASX climbed this morning off the back of a strong lead from US stocks, as Wall Street got excited about the latest medical development to treat COVID-19.

The S&P500 closed 2.66 per cent higher amid optimism about the effectiveness of experimental drug remdesivir.

Speaking at the White House overnight, America’s top infectious diseases expert Dr Anthony Fauci said the drug had shown a “clear-cut, significant, positive effect in diminishing the time to recovery”.

Those comments were in response to a global placebo-controlled test on more than 1,000 patients.

While not as robust as a clinical trial, Dr Fauci said he had an ethical obligation to report the results so the drug treatment could be applied immediately to patients that received the placebo.

Local markets were more cautious in their response, as the ASX200 edged higher at the opening bell before climbing to a gain of more than 1 per cent into midday trade. The Small Ords Index led the big end of town with a gain of 1.9 per cent.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Thursday April 30:

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

CODE COMPANY PRICE % CHANGE MARKET CAP
TAO Tao Commodities 0.078 95.00% $2.5M
CLZ Classic Minerals Ltd 0.002 50.00% $7.4M
AAJ Aruma Resources Ltd 0.003 50.00% $2.1M
PNN Pepinnini Minerals Ltd 0.003 50.00% $4.4M
MTB Mount Burgess Mining NL 0.003 50.00% $1.6M
AFR African Energy Resources 0.028 40.00% $17.4M
BAR Barra Resources Ltd 0.019 35.71% $11.3M
DCG Decmil Group 0.18 33.33% $43.1M
FPL Fremont Petroleum 0.004 33.33% $5.0M
QFY Quantify Tech 0.003 25.00% $4.0M
XTC Xantippe Resources 0.0025 25.00% $6.7M
RIM Rimfire Pacific Mining NL 0.005 25.00% $7.6M
VN8 Vonex 0.125 25.00% $21.4M
SSM Service Stream 0.021 23.53% $717.2M
TNR Torian Resources Ltd 0.016 23.08% $8.3M
LON Longtable 0.14 21.74% $29.0M
CV1 CV Check Ltd 0.09 21.62% $26.3M
SPZ Smart Parking Ltd 0.115 21.05% $41.3M
HYD Hydrix 0.1 20.48% $8.0M
MNW Mint Payments 0.006 20.00% $5.5M
GNM Great Northern Minerals 0.006 20.00% $2.6M
STM Sunstone Metals 0.006 20.00% $10.4M

 

There was a heavy resources flavour to the winner’s list today, amid the ongoing focus on small cap gold explorers while prices for the precious metal hold steady at record highs.

Junior explorer Tao Commodities (ASX:TAO) led the pack, almost doubling up in morning trade after a promising gold strike at its Milford project in Utah.

Early stage rock sampling returned high grades like 17.4 grams per tonne (g/t) gold and 8.760g/t silver at Milford, where the company had previously focused on zinc, copper and lead deposits.

Click here for Reuben Adams’ summary of all the small-cap gold hopefuls with promising market updates this morning.

Elsewhere, quarterlies season got into full swing as a host of companies submitted their 4C filings for the March quarter.

We’ve compiled the best of the lot in this quarterlies wrap, including online recruitment play CV Check (ASX:CV1) which climbed onto the lunchtime winner’s list after announcing it had surpassed $10m in annualised recurring revenue (ARR) for the first time.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Thursday April 30:

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

CODE COMPANY PRICE % CHANGE MARKET CAP
SVD Scandivanadium 0.007 -30.00% $2.1M
SMD Syndicated Metals Ltd 0.003 -25.00% $41.6M
GTE Great Western Exploration 0.002 -25.00% $1.3M
RVS Revasum 0.255 -22.73% $8.2M
ESK Etherstack 0.155 -22.50% $22.7M
RAG Ragnar Metals 0.005 -16.67% $1.6M
DLC Delecta Ltd 0.005 -16.67% $3.5M
GEV Global Energy Ventures 0.005 -16.67% $26.3M
KAS Kasbah Resources 0.015 -16.67% $2.0M
SF1 Stemify 0.01 -16.67% $1.6M
ADO Anteotech 0.021 -16.00% $41.1M
WSI Weststar Industrial 0.012 -14.29% $12.5M
NWC New World Resources 0.012 -14.29% $12.2M
AQD Ausquest Ltd 0.013 -13.33% $10.2M
YOJ Yojee 0.027 -12.90% $30.5M
MYQ MyFiziq Ltd 0.17 -12.82% $21.4M
AMI Aurelia Metals 0.315 -12.50% $314.6M
ABV Advanced Braking Technology 0.022 -12.00% $9.5M
ONE Oneview Healthcare 0.059 -11.94% $11.6M
LVH LiveHire 0.265 -11.67% $81.6M

 

While quarterly season can giveth, it can also taketh away. Among the losers was US-based semiconductor company Revasum Inc (ASX:RVS), which reported quarterly cashflow to April 5 of $US2m, down from $US.8.6m in Q4 2019.

RVS said the fall in cashflow was largely due to the timing of shipments in connection with COVID-19, with “the majority of tools” for H1 2020 scheduled to ship in the June quarter.

The company also said costs had been reduced to US$2.1m from US$5.2m, after it furloughed 51 of its 77 employees who were not considered essential to critical operations.