The market may have sunk into the red in afternoon trade, but not all shares have followed it lower.
The three small cap shares listed below have defied the market and are on course to finish the week on a high. Here’s why:
The Biotron Limited (ASX: BIT) share price is up 6% to 25 cents. This gain means the drug development company’s shares have surged 150% since this time last week. The driver of this gain has been news that its BIT225-009 HIV-1 Phase 2 data will be presented at an upcoming event in the United States. Investors may believe that this event will bring Biotron onto the radar of pharmaceutical companies that are looking for potential acquisition targets. In its trials, the company’s BIT225 drug has had a unique effect in patients, over and above viral suppression seen with current antiretroviral drugs.
The Liquefied Natural Gas Ltd (ASX: LNG) share price has pushed 6% higher to 49.3 cents. Investors appear to have responded positively to the LNG producer’s update at its annual general meeting yesterday. Management remains very positive on the company’s prospects and believes it is well positioned to benefit from the significant need for new LNG supply to meet the projected demand growth over the next decade. In addition to this, it believes its Magnolia project has competitive advantages including a mature regulatory and cost status, project delivery expertise, and a multi-faceted marketing strategy and contracting approach.
The SDI Limited (ASX: SDI) share price has climbed over 4% to 60 cents on the day of its annual general meeting. At the event the dental materials company revealed that it has had a positive start to FY 2019. Management advised that sales have continued to grow in the first half and are ahead of the prior corresponding period. This appears to have been driven by Whitening and Aesthetics sales which are growing faster than market.