These 3 small cap shares have zoomed higher today

The MGC Pharmaceuticals Ltd (ASX:MXC) share price is one of three in the small cap space zooming higher today…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

While the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is just about creeping into positive territory at lunch, there's no such trouble at the small end of the market.

At the time of writing, the S&P/ASX Small Ordinaries (Index: ^AXSO) (ASX: XSO) has got off to a flier this week and is up 0.7%.

Three small cap shares that have caught my eye with strong gains on Monday are as follows:

The Bioxyne Ltd (ASX: BXN) share price has surged 13.5% higher to 7.5 cents after the health and immunotherapeutic products company announced the appointment of ASVA International as its regional distributor for Thailand, Philippines, Myanmar, Cambodia and Mauritius. As part of the deal, ASVA will focus entirely on Bioxyne's products and will be excluded from selling competing products. A first order of US$200,000 has been received from ASVA. I think Bioxyne's products have a lot of promise, but I would suggest investors hold off an investment and wait to see how sales grow in these markets.

The MGC Pharmaceuticals Ltd (ASX: MXC) share price has pushed almost 4.5% higher to 7.2 cents after the cannabis company announced that the Maltese government has approved medicinal cannabis production. MGC Pharmaceuticals recently announced plans to construct a GMP certified production and manufacturing facility in Malta. Management appears to believe that this puts the company in a good position to target the European medicinal cannabis market which is expected to be worth $56 billion by 2020.

The Rhipe Ltd (ASX: RHP) share price is up 2% to $1.02 after the leading cloud channel company announced that it has been appointed to Microsoft New Zealand's Cloud Solution Provider (CSP) program from July 1. Rhipe is already the leading provider of Microsoft Service Provider License Agreement subscriptions in the country, so adding CSP to its portfolio is expected to be a boost to its offering. Rhipe has had a lot of success with Microsoft's CSP in the Asia-Pacific market, which could be a sign of things to come in New Zealand.

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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »