Small caps rose for a second day, this time outperforming their larger peers, but technology selling continued for a sixth straight day.
The Small Ordinaries Index of Australia’s 101st to 300th largest companies gained 21.4 points, or 0.7 percent, to 3,109.9. The ASX100 only gained 0.44% and the ASX200 0.47%.
The two days of gains pushed Small Ords up 38.2 points, meaning they still have a way to go to make up for the 87.9 points lost in the sale Thursday and Friday.
Most sectors were up, but tech collectively lost 1.7% more, meaning the sector is now down 7.1% since last Monday and 13.4% since the start of the year. ‘year.
Afterpay (ASX: APT) ended down 3.6% to $ 107.19, while Xero (ASX: XRO) fell 3.8% to $ 108.32. Zip (ASX: Z1P), officially classified as a financial stock, fell 1.6% to $ 8.78.
I think BNPL has oversold. It’s time to start going long on a huge margin. See you all on the other side. $ APT $ Z1P
– Whale Whisper (@whaIewhispers) March 8, 2021
Utilities were the biggest gainers, up 1.2%, followed by industrials, which rose 1.0%.
Small cap news
Redflow (ASX: RFX) gained 46.3% to 7.9c after the battery maker signed a $ 1.2 million order to supply batteries to a bioenergy facility in California.
Digital wine business (ASX: DW8) rose 28.6% to 9.9c after the wine e-commerce company announced that its Winedepot business shipped 9,494 orders in February, up 918% from a year ago is one year old.
Immutep (ASX: IMM) gained 8.2% to 33c and announced after the market closed that it had obtained a second US patent for its main drug candidate, eftilagimod alpha (“efti”) in combination with Keytruda or Opdivo, anti -cancer immunotherapies known as inhibitors of the PD-1 pathway.
Neurotech International (ASX: NTI) gained 1.6% to 6.3c after the medical marijuana company announced a strategic partnership with CannaPacific to grow Neurotech’s unique Dolce cannabis blends, which Neurotech hopes to use to treat autism.
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