The local market may have dropped notably lower today but that hasn't stopped some shares from posting strong gains.
Three small caps that caught my eye today are listed below. Here's why they are on the rise:
The Amaysim Australia Ltd (ASX: AYS) share price has pushed almost 7% higher to $1.19 despite there being no news out of the telco company. Investors have been fighting to get hold of the beaten down shares of Amaysim after the prospect of a third big player in the industry led many to believe that competitive pressures may ease. I'm not overly convinced that Amaysim will be any better off due to being at the budget side of the market, so I intend to continue to avoid its shares.
The Fastbrick Robotics Ltd (ASX: FBR) share price has surged 6% higher to 17 cents after the robotics company announced a global partnership with European block-making giant Wienerberger AG. According to the release, the two companies will work together to develop, manufacture, and test clay blocks optimised for Fastbrick's Hadrian X construction robot. These will then be introduced into global markets where Wienerberger is active. Although this is promising news, there's still a long road ahead before this agreement potentially leads to revenue generation.
The Nuheara Ltd (ASX: NUH) share price has jumped almost 6% to 9.3 cents after the hearing solutions company announced the appointment of ADCO Medical Suppliers as its U.S. based distributor for its IQbuds BOOST product. ADCO is one of the USA's leading wholesale suppliers of hearing aid equipment, supplies, and assistive devices for the professional hearing market. While this is a positive development, ADCO supplies countless products and its appointment does not guarantee sales. I would suggest investors wait to see what impact it has on its top line before basing an investment decision on it.
