The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may be lower today but that hasn’t stopped some small cap shares from pushing higher.
Three on the rise today are listed below. Here’s why they are on the up:
The Brainchip Holdings Ltd (ASX: BRN) share price has climbed 3.5% to 14.5 cents after the artificial intelligence company provided an update on its license and development agreement with Gaming Products International. According to the release, Brainchip has received positive feedback from customers after demonstrating its automated table solution in Macau. The solution, which provides the flexibility necessary to meet the evolving technology requirement for data analytics in the gaming industry, will soon go live on a casino floor for trials. While the technology is exciting, I wouldn’t be a buyer of its shares on the back of this announcement. I would suggest investors wait to see if its technology is adopted by major casinos before considering an investment.
The Liquefied Natural Gas Ltd (ASX: LNG) share price is up almost 6% to 55 cents after advising that it has extended the validity period of its current binding engineering, procurement, and construction contract with KSJV for its Magnolia LNG project. According to the release, the binding lump sum turnkey US$4.354 billion contract is now valid through to December 31, 2018. Management believes the Magnolia LNG project is well positioned to lead the next generation of U.S. LNG export.
The Prophecy International Holdings Limited (ASX: PRO) share price has surged over 7.5% higher to 49 cents after the software developer provided a business update. According to the release, Prophecy’s strategy of growing the business and achieving scale through partnerships is delivering results. New partners have led to Prophecy adding a number of significant brand name customers during the last quarter including Metropolitan Police in the UK, Royal Bank of Canada, VISA Europe, Boeing, Red Cross, and Raytheon. While this all sounds very promising, it is worth noting that no financial details were provided. Because of this, I would wait for its results before considering whether to invest or not.
These 3 stocks could be the next big movers in 2020
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