ASX Small Cap Lunch Wrap: Who’s not getting along like they used to today?

It’s been a partnership that in many ways seemed mutually beneficial to the casual observer.

But news reports this morning suggest all is not well with Donald Trump and Twitter, the social media site that he typically communicates on multiple times a day.

Overnight, the US President accused Twitter (via a series of tweets) of stifling free speech and interfering with the 2020 federal election.

.@Twitter is now interfering in the 2020 Presidential Election. They are saying my statement on Mail-In Ballots, which will lead to massive corruption and fraud, is incorrect, based on fact-checking by Fake News CNN and the Amazon Washington Post….

— Donald J. Trump (@realDonaldTrump) May 26, 2020

The latest round in Trump’s ongoing battle with Silicon Valley started on Tuesday, when Twitter added a fact-check link to two of Trump’s tweets on the topic of mail-in ballots.

Trump is now expected to sign an executive order on social media companies later tonight, the details of which haven’t yet been shared.

Elsewhere on the geopolitical front, Chinese lawmakers are expected to give the go-ahead for a new National Security Law for Hong Kong today, as Beijing looks to tighten its grip on the semi-autonomous state.

Overnight, US Secretary of State Mike Pompeo told Congress that the Trump administration no longer believed Hong Kong to be autonomous from China — a shift which could influence Hong Kong’s status as a global financial hub.

Amid all that geopolitical chaos (and a global pandemic), the local stock market continued its march higher this morning as it stayed on track for another day of strong gains.

The ASX200 climbed back above 5,900 points with a gain of more than 2 per cent, bringing its weekly gain to almost 8 per cent. The Small Ords Index also rose again, up 1.4 per cent to 2,675.9 points into midday trade.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Thursday May 28:

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Medical storage company Cryosite (ASX:CTE), which specialises in controlled temperature storage for biopharmaceutical companies, was among the winners. The stock rose by more than 50 per cent in morning trade to 20c, on no news.

Surveying and planning specialist Veris (ASX:VRS) also rose strongly, after announcing it had secured additional contracts with new and existing clients (including BHP and Oz Minerals) to the value of $4.3m.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Thursday May 28:

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