Chanticleer

Small caps’ wild EOFY ride exposes market’s dirty little secret

Monday’s list of worst performers looked like Friday’s best performers turned upside down. It was laughable.

Jul 1, 2024 – 6.04pm

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A weekend is a long time in small caps. Half of Friday’s 10 best performers were also among Monday’s 10 worst performers, suddenly falling out of favour on little or no news.

So, what happened? Nothing; there were no big moves on Wall Street, no outbreak of war, no OPEC meeting threatening supply cuts, no damning global economic growth numbers and no big move in bond yields or the outlook for interest rates. The world is still largely as it was at 4.10pm on Friday.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.