After a bumper month in August, local markets have hit the brakes to start September.

Heading into midday trade, the ASX was down over 1.5 per cent and on track for its worst intra-day fall since June 25.

It was a similar story on the Small Ords, with sharper falls seen across most of the red-hot BNPL sector.

The talk at the big end of town was QBE Insurance (ASX:QBE), which swiftly sacked its CEO Pat Regan following a board investigation into a complaint made by a female employee.

The morning selloff followed a negative session on Wall Street and precedes a key announcement from the RBA scheduled for 2:30pm EST.

Markets will be watching for any change in guidance (no matter how small) after an important shift in strategy from the US Fed last week.

Gold is holding steady at $US1,980 ($2,677) an ounce, and the Aussie dollar still looks keen to break higher — it was well-supported in morning trade and is threatening to push further above its multi-year high of US74c.

 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Tuesday September 1:

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CODE COMPANY PRICE CHANGE MARKET CAP
XPE XPED 0.002 100.00% $1.8M
CAE Cannindah Resources Ltd 0.031 55.00% $6.2M
DHR Dark Horse Resources 0.003 50.00% $8.1M
GGX Gas2grid Ltd 0.003 50.00% $2.8M
SUH Southern Hemisphere Mining 0.043 43.33% $6.2M
FGL Frugl 0.047 38.24% $4.6M
RXH Rewardle Holdings Ltd 0.011 37.50% $5.8M
OAR Oakdale Resources Ltd 0.012 33.33% $17.9M
PSL Paterson Resources 0.004 33.33% $15.4M
JAY Jayride Group 0.22 29.41% $23.2M
3DP Pointerra 0.345 27.78% $233.5M
TMG Trigg Mining 0.21 19.44% $12.2M
SRZ Stellar Resources Ltd 0.019 18.75% $8.4M
SPL Starpharma Holdings 1.77 16.83% $646.4M
CGN Crater Gold Mining Ltd 0.014 16.67% $17.2M
ENR Encounter Resources Ltd 0.155 14.81% $43.5M
NAE New Age Exploration Ltd 0.008 14.29% $7.1M
ESH Esports Mogul Asia Pacific Ltd 0.016 14.29% $32.7M
PWN Parkway Minerals 0.008 14.29% $13.7M
LIT Lithium Australia NL 0.008 14.29% $38.6M

 

Cannindah Resources (ASX:CAE) was among the leaders after announcing it had acquired 100 per cent of the shares in Piccadilly Gold Mine Holdings Ltd.

The company said Picadilly’s gold project “has been described as being similar to the multi-million ounce Kidston gold project in North Queensland”.

The share-based acquisition was approved by Cannindah’s lender. “We are very excited given the current gold price to be planning the exploration of this potentially company-making target,” the company said.

Also rising strongly was Frugl (ASX:FGL), formerly known as Family Insights, which jumped after the company said it had completed development for a new and improved version of its grocery comparison app.

And geospatial mapping company Pointerra (ASX:3DP) continued its recent tear after announcing strong sales momentum into the US market.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Tuesday September 1:

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CODE COMPANY PRICE CHANGE MARKET CAP
OEX Oilex 0.001 -50.00% $4.2M
DDD 333D 0.001 -33.33% $16.6M
ECT Environmental Clean 0.001 -33.33% $2.4M
RFN Reffind Ltd 0.002 -33.33% $2.5M
MNW Mint Payments 0.017 -26.09% $19.3M
NCZ New Century Resources 0.155 -18.42% $148.8M
GLA Gladiator Resources 0.003 -16.67% $4.7M
JXT Jaxsta 0.03 -16.67% $7.4M
RTE Retech Tech 0.32 -15.79% $74.5M
PGC Paragon Care Ltd 0.175 -14.63% $59.1M
SRY Story-I 0.012 -14.29% $4.4M
ASH Ashley Services Group Ltd 0.365 -13.10% $52.6M
ROO Roots Sustainable Agricultural DRC 0.041 -12.77% $13.9M
A1G African Gold Ltd 0.14 -12.50% $8.4M
GWR GWR Group 0.21 -12.50% $53.5M
OPL Opyl 0.14 -12.50% $4.2M
ICT iCollege Ltd 0.046 -11.54% $24.2M
WKT Walkabout Resources 0.195 -11.36% $68.1M