The local share market has bounced back from its heavy declines and is pushing higher on Wednesday.
Three small cap shares that have caught the eye with notable gains today are listed below. Here's why they are on the rise:
The Eden Innovations Ltd (ASX: EDE) share price has rocketed 31% higher to 9.3 cents. Its shares have been on fire in October after announcing its first Federal funded highway repair project in the United States. The contract will see the company's EdenCrete admixture product used to replace numerous sections of concrete pavement along 11 miles of the Interstate Highway I-16 in Twiggs County. Management estimates that the contract is worth US$525,000 in revenue. Considering how much its shares have now climbed, I suspect that investors are betting on this being the first of many contract wins.
The iSentia Group Ltd (ASX: ISD) share price has climbed over 3% to 33.5 cents despite there being no news out of the media monitoring company. But with its shares down a massive 81% over the last 12 months and hovering just above a 52-week low, I wouldn't be surprised if bargain hunters are swooping in. While its shares do look cheap, I'm not convinced that iSentia is over the worst of its problems and would suggest investors stay clear of the company until its performance improves.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price has pushed over 3% higher to 79.5 cents after the clinical-stage biopharmaceutical company announced a strategic collaboration agreement with the largest private provider of oncology services in Australia and Europe, GenesisCare. The agreement covers three major collaboration areas. These include the establishment of a preferred clinical provider relationship for running radiation oncology studies in Australia, a partnership to deliver compassionate use access to Telix's glioblastoma therapy program across its extensive patient network, and the joint exploration of the commercial potential of Telix's products in China. I think Telix is one to watch.
