• Local stocks struggle for traction on Monday after a solid start
  • Biotech stocks lead the way among small caps, as ResApp fields Pfizer takeover

Big-name US tech stocks fell again on Friday night as the ‘high-growth stocks vs rising bond yields’ narrative continued to play out on global markets.

The ASX shrugged off any jitters at the opening bell, but by midday trade on Monday sentiment had dimmed as the microcap Emerging Companies Index fell into the red.

On the subject of bullish sentiment, a new bull statue has been unveiled in the US metropolis of Miami, which is keen to position itself as a central hub for the still-emerging cryptocurrency economy.

Unlike the famous bull on Wall Street, the Miami crypto bull has some different physical features.

For starters, it’s big (11 feet tall weighing over a tonne) and bold (a chrome/fibreglass setup with flashing lights).

But there’s another notable difference that caught the eye of discerning sculpture analysts.

“I’d designed some huge, mechanical balls,” said bull creator Furio Tedeschi.

“I’m sad to see that they removed them.”

The crypto trading platform that commissioned the work, Tradestation, said it wanted the bull to represent inclusion in a sector that’s still viewed as male-dominated, according to Forbes.

Back on domestic shores, the federal election campaign is underway and PM candidate Anthony Albanese got off to a shocker after being put on the spot by journalists to name the current unemployment rate and the benchmark cash rate.

Albo went 0/2, including a wild guess of 5.4% for the unemployment rate (actual u/e rate: 4%).

Over on the ASX, gold stocks are leading the way in the commodities complex and broader gains are being helped by a solid session for the big banks, while tech stocks fell.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for April 11 [intraday]:

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Some major ASX healthcare news led the way on Monday, as respiratory diagnostics platform ResApp (ASX:RAP) announced a takeover offer from the Covid-fighting global biotech behemoth Pfizer.

The offer was made at 11.5c per share, a 27.5% premium to the last close, which values ResApp at around $100m.

In announcing the Scheme of Arrangement, the company’s board unanimously recommended that shareholders accept the offer.

Also posting solid gains was semiconductor technology company 4DS Memory (ASX:4DS), which flagged the results of a number of Q1 technical upgrades that it said have “dramatically increased the likelihood that the Third Platform Lot will be successfully processed”, following a partial failure of the Second Platform Lot.

The Third Platform Lot was crucial for the final testing verification of 4DS’ memory cell technology, and the Third Platform Lot is “expected to reach the etch step in the next few weeks”.

Elsewhere in a strong morning for biotech stocks, medical device company Rhinomed (ASX:RNO) came out of a trading halt and rose by around 20%, after previously announcing the completion of the institutional component of the partially underwritten share placement, raising approximately $3.37 million.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for April 11 [intraday]:

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