Lunchtime ASX Small Cap Wrap: What on earth is happening at Jupiter Energy?

Share market volatility is well and truly ‘the new normal’. Global markets rose overnight on a small oil price rebound and hopes of more fiscal stimulus in the US and the EU.

Scroll down for this morning’s best/worst performing small caps>>>

Governments are throwing an unprecedented amount of cash around in efforts to cushion their economies from recession/depression.

On Thursday, a vital European Union summit will discuss a joint long-term budget to restart economic growth; the same day the US is expected to pass a new $US484 ($768) billion relief package.

The ASX has followed global markets higher in morning trade. Meanwhile, companies are releasing some worrying numbers as economic lockdown measures bite.

Thorn Group (ASX:TGA) has today announced the permanent closure of its 62 Radio Rentals stores — impacting ~300 employees — while Carsales.com (ASX:CAR) will temporarily stand down 250 workers. Both stocks increased in morning trade.

Gold remains everyone’s investment safe haven amid the drama, with spot prices nearing $US1,715/oz ($2723/oz) in late US trade Wednesday.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Thursday April 23:

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

The meteoric rise of enigmatic oil and gas junior Jupiter Energy (ASX:JPR) continues.

After yesterday’s 1000 per cent increase, the Kazakhstan-focused minnow was up another +200 per cent in morning trade for no reason.

The company, which suffered a $918,000 loss in the March quarter and has $123,000 left in the bank, has now paused trading “pending a further announcement”.

Also up in morning trade were oil and gas tiddlers Bass Oil (ASX:BAS), Oilex (ASX:OEX), and Brookside Energy (ASX:BRK).

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Thursday April 23:

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