Tuesday certainly has been a positive day for the Australian share market. Despite weakness on Wall Street overnight the local market has pushed notably higher today.
While large cap shares such as Australia and New Zealand Banking Group (ASX: ANZ) and WiseTech Global Ltd (ASX: WTC) will take the headlines for their solid gains, there have been some equally strong gains being made at the small end of the market.
Three small caps on the move today that caught my eye are listed below:
The Clean Seas Seafood Ltd (ASX: CSS) share price is up 12% to 5.7 cents after the seafood company announced the launch of its SensoryFresh range. The company has high hopes for the range which uses Liquid Nitrogen Rapid Freezing technology to capture the texture, colour, aroma and taste of freshly harvested fish. Management has stated that: “Freezing high value, premium quality seafood is all about speed for optimum texture.” This technology achieves this by freezing seafood in 22 minutes, around 10x faster than conventional freezing.
The Lepidico Ltd (ASX: LPD) share price has jumped 10% to 4.5 cents after the lithium miner announced that it has lodged a provisional patent application for a hydrometallurgical process named S-Max. The S-Max process produces an amorphous silica from concentrates sourced from a range of mica minerals, including lithium micas. Purified amorphous silica may then be sold directly or used as a feed to produce a variety of other marketable silica products. This complements the company’s L-Max process which can produce low-cost lithium from alternative sources.
The Zenitas Healthcare Ltd (ASX: ZNT) share price is up 2% to $1.00 after the healthcare operator announced binding agreements to acquire Australian Home Care Services (AHCS) and Beleura Health Solutions for $4 million and $2.4 million respectively. AHCS is a leading home care provider in Victoria and New South Wales and Beleura operates two Allied Health clinics on the Mornington Peninsula. Management advised that ACHS is expected to generate gross revenues of $38 million and EBITDA of $2 million in FY 2019, with significant upside in both FY 2020 and FY 2021. This looks like another great acquisition in my opinion, making Zenitas ever more attractive.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Zenitas Healthcare Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.