The local share market may have given back its early gains and dropped notably lower, but that hasn't stopped three small cap shares from storming higher.
Here's why they are amongst the biggest movers on the market today:
The Livetiles Ltd (ASX: LVT) share price has climbed 6% to 44 cents after the software company announced a partnership with the New York government to establish a North American Intelligent User Experience (IUX) Hub in Rochester, New York. Management advised that the Hub will house a team of 60 new LiveTiles' staff members and expects it to help drive its North American expansion. New York's state and local governments have approved a funding package of up to US$7 million to support LiveTiles' growth in the region, with US$1.5 million due over the next 12 months. I think this is a positive development and it will be interesting to see how it impacts its sales growth in FY 2019.
The Mitula Group Ltd (ASX: MUA) share price is up 6% to 44.5 cents after the classifieds company provided a trading update. According to the release, Mitula has continued to build on its record first-quarter and posted record monthly revenue of $3.8 million in April 2018. This was a 44.7% increase on the prior corresponding period and 8.6% higher than the month of March. Things certainly appear to be improving for Mitula, but I'd need to see this run continue for some time to come before I would consider it as an investment.
The Hydroponics Company Ltd (ASX: THC) share price has pushed 5% higher to 70.5 cents after the medicinal cannabis company advised that it has entered into a binding term sheet for the exclusive leasing rights of organic certified land in northern New South Wales. The company intends to use the land to grow medicinal cannabis, subject to necessary statutory and regulatory approvals. In addition to this, management has agreed to enter an off-take agreement for the use of its medicinal cannabis in Meluka Honey products. No financial terms have been disclosed.
