ASX Small Cap Lunch Wrap: Who’s getting back in the saddle today?
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While uncertainty lingers about the economy, the post-COVID rally on global sharemarkets is still in full swing.
The ASX200 has followed Wall Street higher this morning, led by big gains in the major banks. The ASX Financials index bounced back from three straight falls to climb by almost 3 per cent in morning trade.
The Small Ords also edged higher, while the cohort of buy now, pay later (BNPL) stocks saw another surge in demand across the board.
There were no major changes across other asset classes, with gold prices hovering at around $US1,930 ($2,689) an ounce amid broader risk-on sentiment.
Here are the best performing ASX small cap stocks at 12pm Tuesday August 25:
RTG Mining Inc (ASX:RTG), which is dual-listed on the Toronto Stock Exchange, rose strongly after getting some good news on the legal front.
The company said the Singapore International Arbitration Centre (SIAC) had handed down its Final Award with regard to a dispute over a joint venture partnership with Galeo Equipment Corporation that turned sour.
The SIAC ruled that RTG subsidiary — the Mt Labo Exploration and Development Corporation — had terminated the joint venture legally, and that Galeo had breached its fiduciary duties with respect to the JV.
Mt Labo will now take full ownership of the JV, and Galeo has been ordered to pay damages (including legal costs) of $US18.6m.
Here are the worst performing ASX small cap stocks at 12pm Tuesday August 25: