While ASX titans BHP Billiton Limited (ASX: BHP) and BlueScope Steel Limited (ASX: BSL) may take the headlines for their strong gains today, a number of shares at the small-end of the market are pushing even higher.
Three small cap shares that are on fire on Wednesday are listed below. Here's what you need to know:
The Aumake International Ltd (ASX: AU8) share price is up over 8% to 26.5 cents in late morning trade. This morning the daigou company announced a strategic partnership with Chemsave which will increase AuMake's distribution and brand reach through a network of 150-member pharmacies across Australia's east coast. The partnership will initially focus on the distribution of AuMake branded products. These include its Health Essence health supplements and Medigum Honey, with further branded products to follow. While this is a positive move, I think the share price move has been a little overdone.
The Birimian Ltd (ASX: BGS) share price climbed over 8% to 46.5 cents in early trade before fading slightly. At the time of writing the junior lithium miner's shares are up 3.5% to 44.5 cents. This morning Birimian announced that it has had further success with drilling at its Goulamina Lithium Project in southern Mali. This includes the identification of yet another new pegmatite that was not known prior to commencement of the recent drilling program. Management has advised that the results of the resource extension and definition drilling have significantly exceeded expectations. Birimian could be one to watch in the future.
The Bubs Australia Ltd (ASX: BUB) share price has stormed 5.5% higher to 77.5 cents despite there being no news out of the infant formula and baby food company. But with its shares down around 12% since this time last month prior to today, it appears that some investors believe its shares have fallen to an attractive level. Last month Morgans rated Bubs as a hold and slapped a price target of 75 cents on its shares. While I think Bubs does have a lot of potential, I'm waiting for a meaningful uptick in sales before making a move.
