Local stocks have posted solid gains in Wednesday trade, following all-important US CPI data overnight.

But first, a quick detour to the corridors of power in Brazil, where the government of President Jair Bolsanaro has come under scrutiny for some unusual defence spending.

Public funds were used to acquire more than 30,000 Viagra pills, for distribution in the Army and Navy.

The official line was that the drug also acts as an effective treatment of pulmonary hypertension (a form of high blood pressure), but other lawmakers weren’t convinced.

From Carnival to co-ordinated military operations, it looks like there’s always a party going on in Brazil…

Back to the nerdy stuff, where ahead of last night’s CPI data the US government took the unusual step of flagging ahead of time that annual headline inflation was going to come in hot.

And it did, at an annualised rate of 8.5%.

However, the monthly print for core inflation slowed to 0.3% — the lowest monthly gain since September.

That was still high enough for an annualised core print of 6.5%, but some analysts have flagged that y/y inflation may slow once higher base effects are accounted for in the second half of this year.

Speaking of headline inflation, oil prices (not included in core inflation) ripped higher again overnight on a stronger demand outlook.

That’s spelt good news for ASX energy stocks this morning, which are leading the pack in a steady session with no major moves (up or down) across any sector.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for April 13 [intraday]:

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While there was the usual round of resources highlights on today’s winner’s list, it was a biotech stock that led the pack on Wednesday as Oncosil (ASX:OSL) ripped higher by more than 50%.

The company has a functioning, regulatory approved device used in the treatment of pancreatic cancer.

And now it’s officially gone live in-market, with the first procedure performed at The Hospital Universitario de Fuenlabrada in Madrid, Spain.

Stockhead’s Eddy Sunarto has more here.

Elsewhere, junior explorer Scorpion Minerals (ASX:SCN) found strong demand after raised $3.18m in an oversubscribed placement to fund its lithium and base metals exploration projects in WA.

The funds will be used to support drilling and geophysics programs, after a recent technical review “highlighted strong lithium potential with 50km zone of pegmatite intrusion within the Pharos Project in WA”, the company said.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for April 13 [intraday]:

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