Lunchtime ASX small cap wrap: Who’s having an election party today?
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Local markets opened today in the wake of a big weekend of politics, as the incumbent Morrison government — heavy underdogs ahead of the result — swept to a comfortable victory and are now expected to form a clear majority.
Stock investors appeared to appreciate having some political clarity in Canberra for the first time in what feels like eons.
Shares in the embattled big banks positively roared ahead, with all four posting gains of at least five per cent in morning trade.
And the gains extended to small caps as the ASX Small Ords rose almost 1 per cent to 2,843.20 into the midday break — an intra-day gain of 27.7 points which left it just shy of 2019 highs.
It was a good morning for CCP Technologies (ASX: CT1), the struggling Internet of Things company which saw its share price rise by 40 per cent.
The company announced it has signed a deal with US distribution partner to roll out CCP’s smart-sensor temperature control technology at a new casino site in Boston.
While revenues from the deal are expected to be small, CCP said the deal has the potential to open up new avenues in the huge US market.
Elsewhere, there were some sharp moves in penny stocks across tech and resources while real estate company McGrath Ltd (ASX: MEA) rose 26 per cent, amid speculation the election result may provide a boost for Australia’s ailing housing market.
Here are the best performing ASX small cap stocks at 11:30am on Monday, May 20:
Multistack International (ASX: MSI) — which provides eco-friendly commercial refrigeration products — led the laggards with a fall of 60 per cent.
The move came on no news for the manufacturer of modular chillers, which has a total market cap of just $674,000.
US-focused camera company Redflex Holdings (ASX: RDF) also fell hard, after legislation was passed in Texas which outlawed the use of photographic traffic enforcement systems.
Here are the worst performing ASX small cap stocks at 11:30am on Monday, May 20: