Who says the share market doesn’t like Democrats? The ASX has had a cracker of day following Joe Biden’s apparent victory in the United States, with small caps again outperforming their larger rivals.

The Small Ordinaries index of Australia’s 201st to 300th biggest companies on Monday gained 62.5 points, or 2.17 per cent, to finish at 2,940.7, its highest level since October 19 and fifth straight day of gains.

The benchmark ASX200 rose 108.6 points, or 1.75 per cent, to finish at 6,298.8 – its best level since March 5.

The ASX Emerging Companies Index of 200 microcap companies did even better, gaining 3.35 per cent in its best day since July 21.

Cannabis stocks were some of the biggest gainers, likely in reaction to Biden’s triumph. His vice president-elect, Kamala Harris, has been a vocal proponent of marijuana legalisation.

Elixinol Global (ASX:EXL) soared 51.7 per cent to 22c, its highest level since June. Cann Global (ASX:CGB) climbed 40 per cent to 7c, a nearly one-month high. Althea Group (ASX:AGH) rose 17.3 per cent to 47.5c.

The rest of the sector was mostly up as well, although more modestly.

In North America, Aurora Cannabis (TCX:ACB) shares more than doubled late last week, rising from under under $C6 on Tuesday to finish the week at $C12.75. Canopy Growth (TSE:WEED) rose from under $C27 to nearly $C31.

Elsewhere on the ASX:

Announcements

– Immuron (ASX:IMC) gained 26.7 per cent to 28.5c after reporting that its experimental diarrhea vaccine had “produced a robust immunological response in cows,” according to the US Naval Medical Research Center. The immunization against campylobacter and enterotoxigenic e.coli is scheduled to be tested in humans during the second and third quarter of next year, the company says.

– Corazon Mining (ASX:CZN) said it had identified targets for its next phase of drilling at its Lynn Lake copper-cobalt project in Manitoba Province, Canada. A recent geophysical survey found anomalies indicative of mineralisation, the company said.

– Catapult Group (ASX:CAT) gained 12.3 per cent to $1.97 after announcing it had $US24 million ($32 million) in cash as of November 9, an increase of $US10.1 million from June 30. The increase in cash flow is driven by strong cash collections, as its sports partners continue to use its

– ImpediMed (ASX:IPD) gained 13.4 per cent to 9.3c after AstraZeneca selected its SOZO Digital Health Platform for use in a clinical trial focused on chronic kidney disease to track patient fluid volume. The contract is valued at over $2 million, ImpediMed said.

– Patrys (ASX:PAG) announced a $7.3 million capital raising to provide funds for its clinical trial of antibody treatments, including the first-in-man studies of PAT-DX1, a therapeutic capable of crossing the blood-brain barrier.

Trading halts

Tuesday:

ReadyTech (ASX:RDY) – capital raising
Altech Chemicals (ASX:ATC) – capital raising
Thorney Technologies (ASX:TEK) – capital raising
Caprice Resources (ASX:CRS) – drilling results
Carbonxt Group (ASX:CG1) – capital raising

Wednesday:

GetSwift (ASX:GSW) – results of scheme vote
Paterson Resources (ASX:PSL) – geophysics program
Vitalharvest Freehold Trust (ASX:VTH) – Macquarie acquisition proposal
Victory Mines (ASX:VIC) – drilling results
Kleos Space (ASX:KSS) – capital raising
Auroch Minerals (ASX:AOU) – acquisition