Excellent quarterlies are helping the Small Ords to a 20pc rise
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The ASX Small Ordinaries is at an eight-month high, up 20 per cent since hitting a nadir in December when global markets tumbled.
The small cap index was following the Nasdaq and S&P 500, which hit new closing highs on Tuesday, fuelled by better-than-expected corporate earnings for 77.9 per cent of companies, according to Refinitiv.
Also up were the UK markets and in Australia the ASX200 hit an 11-year high today.
The Small Ordinaries bottomed out from 2012 through to early 2016, before starting an upwards run that saw it hit a seven-year high in August last year.
It’s not just US companies offering good numbers; Aussie small caps have issued a series of positive quarterly reports to the market over the last month.
In one day Tinybeans (ASX:TNY), CV Check (ASX:CV1), Mint Payments (ASX:MNW) and Audinate (ASX:AD8) all reported higher numbers.
Vault Intelligence (ASX:VLT) reported a record quarter while Abundant Produce (ASX:AB1) said seed sales increased 10-fold.
Dragontail Systems (ASX:DTS), 8common (ASX:8CO) and intelliHR (ASX:IHR) were also among the flyers.