The ASX hit five-week lows after US markets suffered a third straight day of heavy losses overnight, led by overheated tech ‘megacaps’ like Tesla, Apple and Facebook.

The benchmark ASX200 is currently down 2.3 per cent to 5,868.8 points, led by outsized losses in tech and energy stocks.

But while analysts see further downside risks for the US tech sector, non-US equity valuations remain far more reasonable.

“Indeed, last week’s performance supports this view as non-US equities proved relatively resilient to the tech sell-off, outperforming the US market in both local currency and USD terms,” Oxford Economics director of equity strategy Daniel Grosvenor says.

Outside the US, earnings revisions have started to broaden out, particularly among those markets exposed to a robust Chinese recovery.

“The nature of China’s recovery, which has been driven by construction and infrastructure spending is helping to underpin metal demand, as is the longer-term transition to cleaner energy sources,” Grosvenor says.

 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Wednesday September 9:

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CODE NAME PRICE CHANGE MARKET CAP
ANW Aus Tin Mining 0.0015 50.00% $3.2M
MLS Metals Australia 0.0015 50.00% $11.0M
QFY Quantify Technology 0.0015 50.00% $2.0M
4DS 4DS Memory 0.07 46.00% $82.5M
SBW Shekel Brainweigh 0.3 34.09% $32.7M
LVE Love Group Global 0.07 34.00% $2.7M
SGC SACGASCO 0.05 32.35% $14.1M
ARE Argonaut Resources 0.009 28.57% $17.7M
CSE Copper Strike 0.06 25.00% $6.4M
BRK Brookside Energy 0.005 25.00% $5.9M
RMP Red Emperor Resources 0.012 20.00% $6.3M
PKO Peako 0.05 18.60% $7.6M
INF Infinity Lithium 0.1 17.65% $24.0M
XST XState Resources 0.003 16.67% $2.9M
CYM Cyprium Metals 0.17 16.67% $9.8M
AVL Australian Vanadium 0.015 15.38% $50.0M
MRL Mayur Resources 0.5 15.12% $88.9M
MJC Mejority Capital 0.04 14.29% $5.6M
BRN BrainChip Holdings 0.82 13.01% $1.4B
ADO Anteotech 0.05 12.50% $88.8M
DHR Dark Horse Resources 0.004 12.50% $16.2M
FIJ Fiji Kava 0.28 12.24% $25.7M
ZMI Zinc of Ireland 0.05 11.90% $6.0M
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Project developer Australian Vanadium (ASX:AVL) has inked an early stage offtake and reseller deal with global vanadium redox flow (VRFB) battery maker Enerox.

Also jumping in early trade was battery metals play Infinity Lithium (ASX:INF), which announced a $2.2m raise yesterday to advance the San José lithium project in Spain.

Mayur Resources (ASX:MRL) will list its Papua New Guinea copper and gold assets on the TSX Ventures Exchange via a reverse takeover.

And BrainChip’s (ASX:BRN) big run continues, with the tech stock up another 13 per cent in morning trade on no news.

 

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Wednesday September 9:

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CODE NAME PRICE CHANGE MARKET CAP
ECT Environmental Clean Technologies 0.002 -33.33% $4.8M
PAA PharmAust 0.13 -28.95% $42.6M
DCL DomaCom 0.08 -21.05% $18.7M
FGO Flamingo AI 0.002 -20.00% $2.2M
XPE Xped 0.0025 -16.67% $4.5M
GLA Gladiator Resources 0.005 -16.67% $11.6M
CZN Corazon Mining 0.0025 -16.67% $6.5M
AOA Ausmon Resources 0.009 -15.00% $5.7M
TYX Tyranna Resources 0.006 -14.29% $7.7M
RDN Raiden Resources 0.012 -14.29% $6.0M
MSR Manas Resources 0.006 -14.29% $15.9M
EPM Eclipse Uranium 0.006 -14.29% $9.9M
DDT DataDot Technology 0.006 -14.29% $7.6M
CLQ Clean TeQ Holdings 0.33 -14.29% $250.1M
DLC Delecta 0.006 -13.33% $6.1M
MLL Mali Lithium 0.17 -12.82% $54.0M
DCX Discovex Resources 0.007 -12.50% $8.4M
AVE Avecho Biotechnology 0.007 -12.50% $11.2M
S66 Star Combo Pharma 0.34 -11.84% $45.4M
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