It has been another positive day of trade for the local share market and gains are being seen across most sectors.
Three small cap shares that have caught the eye today are listed below. Here’s why they are on the rise:
The Eden Innovations Ltd (ASX: EDE) share price has continued its remarkable run and is up a further 11.5% to 7.7 cents. The concrete manufacturer’s shares have nearly doubled in value in the space of a week following the release of a positive announcement. That announcement related to its first Federal funded highway repair project in Georgia, United States. The US$525,000 contract will see the company’s EdenCrete product used to replace numerous sections of concrete pavement along 11 miles of the Interstate Highway I-16 in Twiggs County. Given the small size of the contract, I’m very surprised by how much its shares have appreciated in such a short space of time. I wouldn’t be surprised to see them fall significantly in the coming days from profit taking.
The Family Zone Cyber Safety Ltd (ASX: FZO) share price has climbed 3.5% to 43 cents after the cyber safety company provided an update on its subscriber growth. According to the release, the company now has over 31,000 wholesale paying accounts following its launch into the retail channels of Indonesian telco company Telkomsel. In addition to this, Family Zone’s retail paying accounts have grown 260% year-on-year to above 50,000.
The Netcomm Wireless Ltd (ASX: NTC) share price has surged 7.5% to 78 cents despite there being no news out of the broadband equipment manufacturer. But considering its shares had lost almost half of their value in the space of just six weeks prior to today, I wouldn’t be surprised if bargain hunters were swooping in. Netcomm’s shares were crushed in August after management warned that it expects flat underlying EBITDA in FY 2019 due to lower margins as its sales mix changes shifts to lower margin products and component costs increase.
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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.