Why these 3 small cap shares are storming higher today

The Titomic Ltd (ASX:TTT) share price is one of three storming higher in the small cap space today. Here's why…

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The S&P/ASX Small Ordinaries (Index: ^AXSO) (ASX: XSO) has had a solid start to the week. At lunch the small cap index is up 0.3% to 2,830.5 points.

Three small caps that have stood out with solid gains today are listed below. Here's why they are on the up:

The Base Resources Limited (ASX: BSE) share price has pushed 6% higher to 26.5 cents. Today's increase is likely to be related to a change of director's interest notice which was filed this morning. According to the notice, non-executive director Ms Diane Radley was busy buying shares last week. She picked up 500,000 shares through on-market trades between May 9 and May 11 for an average price of 25 cents per share.

The Specialty Fashion Group Ltd. (ASX: SFH) share price has rocketed 50% higher to 57 cents after receiving an approach from Noni B Limited (ASX: NBL) for some of its assets. According to the release, Noni B has agreed to acquire the assets and businesses of Millers, Katies, Crossroads, Autograph and Rivers from Specialty Fashion for total consideration (on a cash free, debt free basis) of $31 million in cash. Specialty will retain the City Chic business. Although the businesses are making a loss at the moment, Noni B's management appears confident that it understands why this is happening and expects to turn things around successfully.

The Titomic Ltd (ASX: TTT) share price has surged almost 17% higher to $2.77 after the release of its second major announcement in the space of a week. Following last week's deal with Callaway Golf, this morning Titomic announced a memorandum of understanding with Italian shipbuilder Fincantieri Australia. The 12-month agreement will see Fincantieri evaluate the use of Titomic Kinetic Fusion in its manufacturing activities. I think this latest agreement highlights how promising Titomic's technology is.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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