This nearly turned out to be one of the worst weeks for small caps since the global financial crisis, but a tentative recovery from Monday’s 26-month low is likely to push the junior end of the market slightly ahead.

The S&P/ASX Small Ordinaries Index rallied 0.5 per cent on Friday morning to 2238 points and will record a 0.3 per cent gain for the week if it closes around this level.