The market may be in selloff mode for a third day in a row, but not all shares have been dragged lower today.
In fact, the three small cap shares listed below have rocketed higher on Thursday. Here's why:
The Eden Innovations Ltd (ASX: EDE) share price has rocketed 22.5% higher to 8.7 cents after the clean energy company announced that another Department of Transportation (DoT) was using its EdenCrete admixture. According to the release, the Colorado DoT has used EdenCrete in a shotcrete concrete mix for the first time on the Central 70 project in Denver. The project involves the reconstruction of 10 miles of the I-70 Interstate Highway, including sinking part of the highway and the establishment of a park above it. Management believes this could open up further opportunities for its use in similar projects in the United States, South Korea, and here in Australia.
The iSentia Group Ltd (ASX: ISD) share price has stormed 30% higher to 28 cents on the day of its annual general meeting. While nothing major was announced at the event, investors appear to be relieved that management has held firm with its guidance for FY 2019. This year iSentia is expected to report revenue in the low to mid $120 millions range and EBITDA in the low to mid $20 millions range. This guidance range assumes that copyright costs in Australia remain stable during the financial year.
The SKY and Space Global Ltd (ASX: SAS) share price is up 7% to 6.1 cents. This morning the satellite company announced that it has signed binding memorandum of understanding (MoU) agreements with Brazilian internet and communications providers, Inovsat Telecom and AltaRede Corporation. The agreements will test how the company's proprietary connectivity network can be incorporated into Inovsat and AltaRede's offering in order to increase reliability and affordability. Management expects both MoU agreements to be transformed into definitive agreements with commercial terms following the launch of the first batch of its Pearls nanosatellites in 2019.
