The Australian share market has had a positive start to the week and gains are being seen across most of the market this afternoon.
Three shares at the small end of the market that have caught the eye today are listed below. Here’s why they are on the rise:
The Paragon Care Ltd (ASX: PGC) share price has pushed 2% higher to 73.5 cents after the healthcare distributor announced the completion of the first tranche placement to China Pioneer. The Hong Kong-listed company has picked up 302.2 million shares in Paragon Care at a premium of 91 cents per share. This equates to 5.45% of all shares on issue. Tranche 2 will see a further 33.9 million shares end up with China Pioneer on or before November 20 2018. I think Paragon Care is one of the best small cap healthcare shares and well worth a closer look after this investment.
The SKY and Space Global Ltd (ASX: SAS) share price has surged 9.5% to 5.8 cents after the global communication infrastructure and services provider released a company update. According to the release, the launch of the first batch of its equatorial Pearls nanosatellites remains on track for 2019. Should they launch successfully they will form the world’s first fully autonomous nanosatellite communications network that will provide comprehensive narrowband connectivity services. This puts the company in a position to be generating revenues in the near future.
The Updater Inc (ASX: UPD) share price has climbed a further 3.5% to $1.19. On Friday the relocation platform provider’s shares rallied strongly following the release of a business update. According to that release, the Updater platform is expected to handle at least 3 million relocations this year in the United States, up almost 27% on 2017’s relocations. Management also advised that during peak season it was handling 20% of all relocations in the United States.While this is positive, it is worth noting that Updater is currently in the process of relocating its shares off the Australian share market and into a private US-based vehicle.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Paragon Care Limited. 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.