With Victorians on holiday for ‘The Race that Stops the Nation’, local stocks are sending mixed signals ahead of the all-important RBA meeting at 2:30pm AEST.

In what marks a (tenuous and completely unrelated) nod to the ASX BNPL sector, Macquarie Bank quant strategists have crunched the numbers and reckon Twilight Payment has the goods to win this year’s Melbourne Cup.

If TP gets home, it will be the first horse to win back-to-back Melbourne Cups since Makybe Diva won three straight (2003-2005).

Incentivise is today’s short-priced favourite, currently paying odds of around 3-to-1 for the win.

On markets, the ASX 200 opened in the red, and dipped by around 0.4% into midday trade.

Following last week’s bond market volatility, banking stocks are again dragging on the broader index with the ASX Financials index on track for its third straight day of falls.

At the small end of town, the microcap Emerging Markets index jumped out of the gate with a gain of more than 1%, before easing back to around +0.7% by 12pm EST.

Ahead of the RBA meeting, the Aussie dollar has edged higher against all the major currencies and is currently trading slightly above US75c.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for November 2 [intraday]:

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Code Name Price % Change Market Cap
PCL Pancontinental Energ 0.0015 50.0% $ 7,034,222.81
ICR Intelicare Holdings 0.13 35.4% $ 4,617,660.58
TYM Tymlez Group 0.022 29.4% $ 16,776,475.89
XST Xstate Resources 0.005 25.0% $ 12,860,726.60
MOB Mobilicom Ltd 0.06 22.4% $ 15,774,899.08
ECT Env Clean Tech Ltd. 0.023 21.1% $ 23,657,384.98
AUQ Alara Resources Ltd 0.028 16.7% $ 16,930,301.74
PPS Praemium Limited 1.445 16.1% $ 627,323,158.64
GL1 Global lithium 0.75 15.4% $ 57,834,332.40
M3M M3Mininglimited 0.23 15.0% $ 5,642,125.60
ADX ADX Energy Ltd 0.0115 15.0% $ 26,583,175.23
GW1 Greenwing Resources 0.39 14.7% $ 37,933,754.10
MNS Magnis Energy Tech 0.525 14.1% $ 427,539,891.16
EMD Emyria Limited 0.285 14.0% $ 38,498,594.75
AL3 Aml3D 0.17 13.3% $ 14,893,012.20
PH2 Pure Hydrogen Corp 0.47 13.3% $ 130,258,483.15
NTI Neurotech Intl 0.069 13.1% $ 42,505,966.69
EME Energy Metals Ltd 0.315 12.5% $ 58,711,327.36
AKG Academies Aus Grp 0.29 11.5% $ 33,179,761.42
AZL Arizona Lithium Ltd 0.1 11.1% $ 156,774,933.72
PYC PYC Therapeutics 0.15 11.1% $ 429,425,023.91
EQE Equus Mining Ltd 0.01 11.0% $ 22,548,067.98

Among stocks with news, there was a sharp mover higher for medtech company Intelicare (ASX:ICR) after landing a contract with WA-based aged care services provider MercyCare.

Under the terms of the deal, MercyCare will deploy ICR’s SaaS-based platform which uses sensor technology and artificial intelligence to provide in-home monitoring services to help elderly residents continue to live independently.

Intelicare flagged an estimated total contract value of ~$170,000, with “further non-binding potential for ongoing recurring fees and additional hardware”.

The ongoing M&A boom was also the catalyst for a separate winner in morning trade, as wealth management platform Praemium (ASX:PPS) rose in the wake of a merger bid from fund manager Netwealth (ASX:NWL).

Praemium said it thinks the offer is too low, but remains open to assessing offers at higher valuations.

In resources, Global Lithium (ASX:GL1) is back on the war path, with its third straight day of strong gains either side of yesterday’s $13.6m share placement, which included cornerstone backing from China-based EV battery giant Yibin Tianyi.

ASX SMALL CAP LOSERS

Here are the best performing ASX small cap stocks for November 2 [intraday]:

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

Code Name Price % Change Market Cap
NPM Newpeak Metals 0.0015 -25.0% $ 14,740,203.53
DOR Doriemus PLC 0.2 -20.0% $ 30,082,732.50
OEX Oilex Ltd 0.004 -20.0% $ 28,442,151.78
TPS Threat Protect Ltd 0.004 -20.0% $ 33,251,966.28
APC Aust Potash Ltd 0.093 -19.1% $ 74,740,835.42
HMX Hammer Metals Ltd 0.051 -16.4% $ 49,623,172.00
AOA Ausmon Resorces 0.006 -14.3% $ 4,974,615.40
SPN Sparc Tech Ltd 1.355 -12.6% $ 90,977,575.50
TMX Terrain Minerals 0.008 -11.1% $ 6,621,849.08
TBA Tombola Gold Ltd 0.036 -10.0% $ 25,371,831.16
BIS Bisalloy Steel 1.87 -9.7% $ 95,381,890.56
LNU Linius Tech Limited 0.02 -9.1% $ 37,267,209.50
SFG Seafarms Group Ltd 0.04 -9.1% $ 212,810,363.88
TSC Twenty Seven Co. Ltd 0.005 -9.1% $ 14,634,476.48
IRX Inhalerx Limited 0.1 -9.1% $ 18,531,365.27
SDV Scidev Ltd 0.655 -9.0% $ 114,665,934.24
BTN Butn Limited 0.275 -8.3% $ 19,509,000.00
MCM Mc Mining Ltd 0.11 -8.0% $ 18,530,346.60
PAL Palla Pharma Ltd 0.33 -8.0% $ 58,288,738.68
ADV Ardiden Ltd 0.011 -8.0% $ 25,840,024.27
SMR Stanmore Resources 0.975 -8.0% $ 286,630,721.46
HHR Hartshead Resources 0.023 -8.0% $ 46,244,303.15