Lunchtime ASX small cap wrap: Who’s having a double shot today?

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As the COVID-19 pandemic spreads, policymakers in major western economies appear to be considering varying stages of societal lockdown as part of containment efforts.

But in the meantime, global central banks have reiterated their commitment to stimulus efforts in a bid to rein in the damage to economic growth.

Last night, the US Fed came to the party with an emergency double-rate cut of 50 basis points, announced outside of its usual meeting cycle.

US stocks initially reacted to the unexpected jolt by climbing sharply, before promptly falling even faster.

Concurrently — aside from a €3.6bn ($6.1bn) stimulus package in Italy — governments remain hesitant to pull the trigger on fiscal stimulus responses.

And as the first person-to-person coronavirus transmission was reported in New York City, state governor Andrew Cuomo said the city still only had capacity to test around 100 people per day.

Amid all that, local stocks got off to an expected slow start today. The ASX200 bounced off its morning lows but was still down 1.05 per cent to 6,368 points in midday trade. The ASX Small Ords fell 1.13 per cent to 2,710 points.

Australia got its Q4 economic growth print at 11:30am (EST), which unexpectedly beat forecasts with quarterly growth of 0.5 per cent and annual growth of two per cent (1.7 per cent forcast).

WINNERS

Here are the best performing ASX small cap stocks at 12pm Wednesday March 4:

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

The explorer jumped almost 60 per cent, after announcing that its application for nickel tenement concessions in Tanzania had been approved.

The tenements at Kabanga North and North East sit adjacent to the Kabanga nickel project, which is situated in a “highly prospective nickel region and holds one of the world’s largest undeveloped high-grade nickel sulphide resources”. The tenements were previously owned by BHP (ASX:BHP).

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Wednesday March 4:

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

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