The market may be about to end its losing streak with a strong push higher, but that is nothing compared to some of the gains being made at the small-end of the market.
Two small cap shares which have jumped notably higher today are listed below. Here's why they are climbing:
The MyFiziq Ltd (ASX: MYQ) share price is up 7% to $1.44 after providing the market with an update on its Body Composition Technologies (BCT) and Stepathlon joint ventures. According to the release, the BCT app is complete and the company has commenced marketing to potential insurance partners across Asia-Pacific where the technology has been well received.
The initial goal for this technology is to replace the outdated Body Mass Index as a measure of an individual's body composition for the health and life insurance sector. As well as this, the company advised that it is working with Stepathlon on an integrated product offering with the view to incorporate the MyFiziq avatar and circumference measurement technology into Stepathlon's wellness platform. Whilst these are promising developments, I would hold off an investment until it is clear how much revenue these joint ventures are capable of generating.
The Yojee Ltd (ASX: YOJ) share price has jumped 14% to 28.5 cents after announcing that Sinotrans Integrated Logistics Australia (SILA) has contracted it for an initial two-year term as their logistics software partner. SILA has chosen Yojee due to the belief that its technology will allow it to maximise delivery visibility, optimise their dispatching capabilities, and manage their third-party partners effectively.
SILA is part of the Sinotrans and CSC international network, China's largest shipping and logistics company, and provides a global door-to-door logistics service for industries including FMCG and steel manufacturing. I think this is yet another positive announcement from Yojee. But while I have been impressed with its progress, I think it may be a touch too soon for an investment.
