In afternoon trade the Australian share market rally looks like it has run out of steam and the ASX 200 has drifted into the red.
Three shares at the small end of the market on the rise today are listed below. Here’s why they are ending the week strongly:
The Althea Group Holdings Ltd (ASX: AGH) share price has jumped 9% to 42 cents after the cannabis company announced that it has been granted a Manufacture Licence by the Australian Government’s Office of Drug Control. The licence provides Althea with authorisation to manufacture extracts and tinctures of cannabis and cannabis resin in accordance with relevant manufacture permits. It also means that it can now proceed with the next phase of planning for its Victorian based production facility, which management believes will lead to a “vertically integrated, seed-to-sale, state of the art medicinal cannabis operation.”
The Food Revolution Group Ltd (ASX: FOD) share price has stormed over 14% higher to 12 cents after the juice company announced that it has gained China Inspection and Quarantine Certification (CIQ) for its Fruit Farm Orange Juice products. This means that these products are now approved for sale in physical stores in China. In light of this, the company will show off the products at the China International Import Expo in Shanghai next week in the hope of generating firm orders.
The LiveTiles Ltd (ASX: LVT) share price is up 2.5% to 40.5 cents. This morning the software company announced that it has strategically partnered with U.S. based IT services provider Victory Tech Services to jointly pursue opportunities with the United States Department of Defense. Management believes the partnership is a significant opportunity for the company, advising that the U.S. Government applications market is expected to reach US$10.6 billion by 2021. Although I see this as a positive, I’d suggest investors wait to see if it results in meaningful sales before considering an investment.
In the meantime, I think these mid cap tech shares would be better options than LiveTiles right now.
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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.