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These small cap ASX shares have started the week on a high

The Australian share market has had a mixed start to the week and is just a touch higher on early afternoon trade.

Three shares at the small end of the market that have started the week strongly are listed below. Here’s why they are on a high today:

The Alexium International Group Ltd (ASX: AJX) share price has jumped 9% to 12 cents after the speciality chemicals company released an investor presentation. Although the presentation didn’t include a trading update, it reminded investors of the sizeable market opportunities that the company has. For example, Alexium’s flame retardant (FR) Alexiflam products have a $100 million opportunity in the FR workwear and uniforms market and a $100 million opportunity in the FR treatment for fleece market. Whether the company can successfully penetrate these markets, only time will tell.

The Antipa Minerals Ltd (ASX: AZY) share price has stormed 16% higher to 2.9 cents despite there being no news out of the gold and base metal exploration company. Investors have been taking a look at Antipa Minerals recently due to an increase in activities being conducted by various miners in the Paterson Province in Western Australia. According to management, one such company that is believed to have taken a keen interest in the area is mining giant Rio Tinto Limited (ASX: RIO). Antipa has a large landholding of in excess of 5,500km2 in the Province.

The Food Revolution Group Ltd (ASX: FOD) share price has surged 12.5% higher to 13.5 cents after the food processing company announced a memorandum of understanding (MOU) with China Petroleum & Chemical Corporation (Sinopec). According to the release, the MOU will see the two companies negotiate a distribution agreement whereby Sinopec will sell Food Revolution’s Australian canola oil products produced across its network of more than 35,000 petrol and convenience outlets in China. While I think this sounds like a promising agreement, I’m not a fan of MOUs as they are not binding and there’s no guarantee this will ever lead to a fully-fledged distribution agreement. As a result, I would suggest investors disregard it until it is set in stone.

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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.