The ASX has delivered its best day in 21 weeks, led by all sectors but in particular technology and financials.
Benchmark index, the S&P/ASX200, rose sharply, gaining 127.10 points or 1.93% to 6,705.80. Over the last five days, the index has gained 4.21% but is down 9.95% for the last year to date.
The top-performing stocks in this index were Imugene Ltd (ASX:IMU, OTC:IUGNF) up 46.97% and Pointsbet Holdings Ltd up 11.24%.
Lithium stocks were also dominant. Core Lithium Ltd (ASX:CXO) gained 11.47%, after it plunged almost 30% last week between Monday and Thursday, while Lake Resources also made-up ground from its down dip last week at 6.52% higher.
Other small-cap winners
Coal miners were also seeing green as coal comes back into favour to combat the current energy crisis. Larger capped Whitehaven Coal Ltd, New Hope Corporation Ltd and Coronado Global Resources Inc. all gained.
Here’s a look at five of the top small cap stories of the day.
Imugene records positive final safety and efficacy data from Phase 2 trial targeting gastric cancer, shares higher
Imugene Ltd (ASX:IMU, OTC:IUGNF) traded higher on positive final overall survival data from its Phase 2 study of HER-Vaxx, which targets Her-2/Neu-overexpressing advanced or metastatic gastric cancer.
MGC Pharmaceuticals shares rise after preliminary results indicate wide-ranging application of CimetrA as an anti-inflammatory treatment
MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) results indicate that CimetrA may have a wider-ranging application beyond the treatment of the symptoms of COVID-19, which has been the primary focus of clinical trials to date.
Surefire Resources makes broad progress across standalone projects at Yidby, Victory Bore and Perenjori
Surefire Resources NL (ASX:SRN) has advanced exploration and infill drilling across three of its standalone projects in Western Australia - Yidby Gold Project, Victory Bore Vanadium Project and Perenjori Iron Ore Project.
Eastern Metals has more than 150 metres of strike at Evergreen discovery zone
Eastern Metals Ltd (ASX:EMS)’s Wayne Rossiter tells Proactive its diamond drilling campaign at Browns Reef in Central West New South Wales has yielded massive and disseminated sulphide mineralisation.
Tamboran Resources to secure Northern Gas Pipeline access through MoU with Jemena
Tamboran Resources Ltd (ASX:TBN) signed a Memorandum of Understanding (MoU) with Jemena Ltd to secure access to the Northern Gas Pipeline (NGP) for the company’s proposed 100 TJ per day Maverick Pilot Development in the core of Beetaloo Sub-Basin within the Northern Territory.
On your Six – The bonus read
Interest rates are going up and investors will need to factor in the additional risk that comes with borrowing to invest. As lenders follow the Reserve Bank of Australia’s move to increase the cash rate, the landscape will change for leveraged investors.
Don’t let investment goals be blinded by interest rate rise
A week ahead of the next expected interest rate rise, Wealth Management principal at Picher Partners, Andrew Wilson, discusses how the landscape will change for leveraged investors, but why this isn't time to panic.
The one for good luck
Should you put lithium stocks on your watchlist?
Wealth Within founder and analyst Dale Gillham discusses the fall of lithium stocks and whether you should now put them on your watchlist.