The ASX is trading slightly down by 0.32 per cent at lunch break, after opening 0.5 per cent higher on Friday’s record Wall Street highs.

The sectors’ performances were mixed, with Energy Index leading the way, rising by almost 1 per cent as oil prices rose 4 per cent. The IT sector was the worst performing, dropping by almost 2 per cent, with Afterpay (APT) being the biggest loser, dropping 3 per cent.

Movements in oil price of late have been tied to the development of the container ship Ever Given saga in the Suez. Dredgers are still trying to dislodge the ship as we speak.

In a viral video footage taken by Daily News Egypt, hundreds of vessels can be seen stranded in the Mediterranean, waiting to pass through the narrow canal.

The canal is responsible for 12 per cent of global trade, and experts have estimated the total value of goods stranded at sea at around US$10 billion.

The market is also still scratching heads over a selling spree on Wall Street last Friday that wiped $35 billion from the market. Shares in Chinese tech companies Baidu and Tencent, and US media companies were sold off.

The market is speculating that the selloff is due to forced liquidation of positions due to margin calls. Some of the positions were attributed to Archegos Capital Management, a family office run by hedge fund manager Bill Hwang.

Reports said that Hwang was forced out of his positions after facing margin calls on his $80 billion leveraged positions.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Monday March 29:

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

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Mortgage Choice (ASX:MOC) skyrocketed by more than 60 per cent, after announcing that it is the subject of a 100 per cent take over at $1.95 a share, by property listing giant REA Group (ASX:REA), who is the operator of leading property website, realestate.com.au.

But the session belonged to Golden Mile Resources (ASX:G88), whose share price almost doubled this morning. Its team believes there is a significant gold system at the ‘Benalla’ project in WA, which has been bolstered by some thick, high grade hits in early drilling.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Monday March 29:

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

Wordpress Table Plugin