Last Orders: Best day in 12 weeks for ASX small caps

Small cap have enjoyed their best day since early November, with the benchmark index rising to its best level since the global financial crisis on a dovish speech by the Reserve Bank governor Philip Lowe.

The Small Ordinaries on Wednesday rose 51.1 points, or 1.63 per cent, to 3,191.0, outperforming the ASX200 which gained 0.92 per cent to 6,824.6 – just short of an 11-month high.

It was the Small Ords best single-day performance since November 9, the first trading day after American media outlets called the US election for Joe Biden, when the index rose 62.6 points, or 2.17 per cent.

Wednesday’s move came after Lowe told the National Press Club that the cash rate would remain low “for as long as necessary,” and likely wouldn’t be raised before 2024.

Every sector posted gains except for tech stocks and mining, with property the biggest gainer, rising 2.6 per cent.

ASX company news

Livetiles (ASX:LVT) rose 12.2 per cent to 23c after the Financial Review reported the workplace software business might be a takeover target. The company said it was not in any formal discussions with any third party in relation to a control transaction.

Blackearth Miners (ASX:BEM) was one of the biggest gainers, jumping 117 per cent to 11.5c after the Western Australia and Madagascar-focused junior graphite explorer signed a memorandum of understanding with a US graphite processor, Urbix.

AnteoTech (ASX:ADO) rose 85 per cent to 18.5c after the diagnostic testing company noted that its customer Ellume had gained US approval for a COVID-19 home test.

Sky Network (ASX:SKT) climbed 24.1 per cent to 18c after the Kiwi satellite television company flagged an increased in guidance from the sale of its sports production broadcasting facility.

9Spokes (ASX:9SP) gained 21.1 per cent to 2.3c after the Kiwi business tracking performance company signed an agreement to collaborate with Virgin Money UK (ASX:VUK)

Fatfish Group (ASX:FFG) announced it planned to launch its buy now, pay later financing platform in Singapore on February 18.

Botanix Pharmaceuticals (ASX:BOT) finished up 17.2 per cent to 17c after a phase 2a study showed its BTX 1801 ointment and gel successfully eradicated staph bacteria from the noses of people known to have staph colonies.