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These 3 small cap ASX shares are on the rise on Tuesday

The Australian share market has returned to form on Tuesday and is pushing higher in afternoon trade.

Three small cap shares that have caught the eye today with solid gains are listed below. Here’s why they are on the rise:

The BOD Australia Ltd (ASX: BDA) share price has jumped 8.5% to 58 cents after the cannabis company announced that it has successfully dosed its ECs315 cannabis extract in a sublingual wafer. This shows that CBD can be delivered into a patient’s bloodstream using its patented wafer system. Management believes the study provides a proof of concept for Bod’s cannabis sublingual wafer delivery system. It advised that the trial will now progress to assess absorption rates of the wafer compared to other delivery methods and products.

The Dacian Gold Ltd (ASX: DCN) share price has risen 8% to $2.31. This morning the gold miner was the subject of a positive broker note out of the Macquarie equities desk. According to the note, the broker has held firm with its outperform rating and $3.10 price target despite a soft quarterly production update on Monday. The broker is positive on Dacian due to its exploration pipeline and the ramp up of its Mt Morgans operation.

The Freelancer Ltd (ASX: FLN) share price has pushed 7.5% to 58 cents following the release of its quarterly update. In the third quarter of FY 2018 the company saw quarterly cash receipts rise 4% on the prior corresponding period to $13 million. This was driven by a 12% increase in Gross Marketplace Volume to $32 million and an increase in registered users to above 30 million. In addition to this, management advised of positive developments in relation to its membership fees. It explained that “the business is now cycling the large drop in membership fees that has been the primary drag on revenue in recent periods, which was the result of a conscious decision to cancel paid memberships of customers that were not receiving value from the plans and promoting a lower end plan by default.”

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freelancer 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.