The Australian share market has given back its strong morning gains and has sunk into the red this afternoon.
Three small cap shares that haven't let that hold them back are listed below. Here's why they are storming higher on Friday:
The Amaysim Australia Ltd (ASX: AYS) share price has rocketed 12% higher to $1.15 after the telco company announced the sale of its broadband business. Amaysim has entered into an asset sale deed with Southern Phone Company Ltd to sell its fixed line broadband customer base for a purchase price of approximately $3 million. Investors appear pleased with the sale of the loss-making segment. In FY 2017 it posted an operating loss of $2.6 million and then last year this increased to an operating loss of $6.3 million.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has risen 3.5% to 5.6 cents following the release of the cannabis company's quarterly report. Although the company posted little by way of cash receipts, investors appear to have reacted well to its outlook. Management advised that it has made strong progress across multiple fronts during the quarter, validating its seed-to-pharma strategy and signalling the start of commercialisation for CannEpil product in Australia. It is now focused squarely on continuing to build out its pharma operations, including the construction of the company's facility in Malta.
The Titomic Ltd (ASX: TTT) share price has pushed 4.5% higher to $1.65. This morning the metal additive manufacturing company announced a $2.6 million Innovative Manufacturing Cooperative Research Centre program which aims to standardise its Kinetic Fusion product. The project will focus on enhancing the product as a transformational technology for the highest standards of aerospace and defence industries as outlined by The Metallic Materials Properties Development and Standardisation. This is a widely accepted source for metallic materials and recognised by the U.S. Federal Aviation Administration, Department of Defence and NASA.
