These 3 small cap shares have zoomed higher today

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.

Looking for the next small cap to jump? Check out these hot stocks.

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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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