The Australian share market has bounced back from a poor start to the week with a strong gain on Wednesday.
One area of the market which is performing particularly well today is the small cap space. In late morning trade the S&P/ASX Small Ordinaries (Index: ^AXSO) (ASX: XSO) is up an impressive 0.8%.
Three small cap shares that are climbing more than most today are listed below:
The Digitalx Ltd (ASX: DCC) share price has jumped 16% to 14.5 cents, extending its five-day return to over 60%. Investors have been fighting to get hold of the blockchain-based software solutions company’s shares after the crypto market rebounded strongly over the weekend and through to today. DigitalX has a large holding of crypto assets. News that ETF giant BlackRock could be launching a crypto-themed ETF has been one of the main catalysts for the market’s rebound.
The Lithium Australia NL (ASX: LIT) share price has rocketed 25% to 12.5 cents after the lithium company’s wholly-owned specialist battery-component research and development laboratory, VSPC, provided an update on its facilities. According to the release, the pilot production facilities in Brisbane are now fully re-commissioned and lithium-iron-phosphate (LFP) battery cathode material is being produced. Delivery of cathode material samples to international battery makers are expected in the fourth quarter of calendar year 2018. This is promising news and could make it worth a closer look.
The Swick Mining Services Ltd (ASX: SWK) share price has zoomed over 9% higher to 23.5 cents after the mining services company advised that it had a strong end to FY 2018. According to the release, fourth-quarter unaudited drilling business revenue came in at $33.9 million, with EBITDA of $6.2 million. As a result, its unaudited accounts show full year FY 2018 revenue of $137.8 million and EBITDA of $18.8 million. This compares to $130 million and $13.7 million, respectively, in FY 2017.
The ASX small cap up 285% with no sign of stopping...
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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.