The microcap ASX Emerging Companies index is on track for its fourth straight winning session, as the Russia-Ukraine war heads into its seventh day.

But first, a quick dinosaur detour courtesy of the mighty Tyrannosaurus Rex.

After analysing 37 sets of T.Rex bones, a group of researchers posited that the differences were stark enough to warrant the existence of three separate species.

However, others argued that the remains showed all the animals were still 6-7 tonnes heavy, with teeth the size of bananas.

In other words, if a post Ice Age human stumbled across one in the wild, the end result would probably be the same.

Perhaps the species-separation argument was more of an excuse to come up with two more cool dinosaur names: tyrant lizard queen and tyrant lizard emperor.

On markets, investors are reacting to the supply-side risks for global commodities given that collectively Russia and Ukraine account for a big chunk of the world’s oil, gas, nickel, wheat and fertiliser.

The Bloomberg Commodity Spot Index recorded its biggest one-day gain in 13 years overnight, and ASX investors are moving into stocks tied to that thematic.

The ASX 200 Energy index jumped by around 3% in morning trade, with similar gains for mining stocks.

All the iron ore majors were up more than 3%, while gold miners also caught a bid and financial stocks fell.

Conflict-wise, things have reached the ‘Fog of War’ stage where gleaning the actual state of affairs on the ground is more or less impossible amid the wave of pro-Ukrainian and pro-Russian updates flying around the internet.

For now, the Russian invasion is definitely the prime markets-mover — leap-frogging the outlook for global interest rate hikes in 2022.

Yesterday, Australia’s central bank described the war as a “major new source of uncertainty” for the global economy, and the odds of a steeper 50 basis point rate hike (instead of 25bp) by the US Fed in March have been reduced to almost zero.
 

ASX SMALL CAP WINNERS

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

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Among stocks with news, leading the pack was Metals Australia (ASX:MLS) which reported “outstanding” lithium and rubidium rock chip results at its Manindi project in WA.

There were a number of other lithium leaders on today’s winner’s list, alongside a ‘major’ cobalt project.

Get the full resources wrap here.

Another highlight in Wednesday trade was courtesy of health stock Medical Developments (ASX:MVP).

It’s been a long time coming, but US health regulators have finally lifted their clinical hold on MVP lead product, Penthrox.

Commonly known as the ‘green whistle’, Penthrox is an analgesic used by paramedics and ambulances to administer emergency pain relief.

The FDA decision now frees up the company up to advance towards its Phase 3 clinical trial. Read more on that here.
 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 2 [intraday]:

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