Legacy Iron Ore Limited jumped 78.95% to A$7.89, closing out the day as the biggest winner among small cap shares on the Australian stock market today.

Coming in second was Memphasys Limited., which gained 33.33% to A$0.10.

Third was Latrobe Magnesium Limited, which gained 21.74% to A$0.14.

Next was Ultima United Limited, which gained 21.15% to A$0.95.

And rounding out the top five was Galilee Energy Limited, which increased by 15.19% to A$0.46.

NOTE: Small Cap stocks on the ASX are those with a market valuation between A$50 and A$500 million.