The Australian share market has had a disappointing start to the week and is notably lower after lunch.
Three small cap shares that have defied the market on Monday and pushed higher are listed below. Here's why they are on the rise:
The SKY and Space Global Ltd (ASX: SAS) share price has jumped 9% to 6.2 cents after emerging from a trading halt following the release of an announcement relating to its Pearl nanosatellites. SKY and Space Global announced that it has completed the critical design review of the Pearls and the nanosatellites have progressed to assembly and integration. Management has advised that once construction and integration are complete, the nanosatellites will then pass through various other final assessments and testing including a final acceptance test before a potential launch next year.
The Temple & Webster Group Ltd (ASX: TPW) share price is up over 9% to $1.23 after the online furniture and homeware company released a trading update for the first quarter of FY 2019. According to the release, first quarter revenue is up 39% on the prior corresponding period. As a result of the strong first quarter, management remains confident that it will deliver its maiden full year profit in FY 2019. I think that Temple & Webster could be worth a look after this update.
The Titomic Ltd (ASX: TTT) share price has climbed 4% higher to $1.66 after the metal additive manufacturing company announced an agreement with TAUV Proprietary Limited to commence an exclusive defence program to manufacture unmanned aerial vehicles, solider systems, and solider sensors. The agreement is estimated to be worth up to $1.8 million to Titomic. Management appears optimistic that this market will provide it with significant opportunities in the future. It advised that "The soldier systems market is projected to grow from USD$9.78 billion in 2018 to USD$14 billion by 2023, at a CAGR of 7.65%."
