ASX Small Cap Lunch Wrap: Who’s headed into early retirement today?
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Drug sniffing dogs could be out of a job soon, as more and more US states legalise cannabis legislation.
“With the legalisation of recreational marijuana, K9 Aries is unable to continue his function as a narcotics detection dog,” New Mexico’s Tucumcari Police Department said.
Apparently, the dog can indicate a drug is present but can’t tell you which one – so the handlers can’t determine if the dog found meth, heroin or a legal amount of marijuana.
The New Mexico State Police is also planning to retire all nine of its marijuana detection dogs in a move that could cost US$194,000.
European and US markets rose on Wednesday.
Oil fell, but copper (+1.5%) posted its third gain in four trading sessions “as falling inventories in China signalled buoyant demand”, according to CommSec.
Also up was the gold futures price — +US$7.90 to U$1,802.10 an ounce — and iron ore to US$222.85 a tonne “on a brightening global demand outlook”.
The benchmark ASX 200 index had gained 0.3% to 7,351 points by 12pm eastern time.
Here are the best performing ASX small cap stocks in morning trade for Thursday, July 8:
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Tempest Minerals (ASX:TEM) was up 37% after news it had indemnified iron rich formations Euro Project in the Yalgoo Region of Western Australia.
Cirralto Ltd (ASX:CRO) jumped 18% on signing a five-year referral agreement with Fresh Supply Co for finance services, and PVW Resources (ASX:PVW) rose 11%, announcing plans to expand its portfolio in the West Yilgarn nickel-copper-PGE province.
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And Rimfire Pacific (ASX:RIM) dropped 10% after announcing an intercept of 86m at 0.63 g/t gold at its Fifield project.