Although the share market is sinking notably lower again on Tuesday, not all shares on the local market are in the red.
Three small cap shares that have climbed higher today are listed below. Here's why they are on the rise on Tuesday:
The FBR Ltd (ASX: FBR) share price is up 5.5% to 19 cents. This latest gain means that the robotics company's shares have now risen over 18% over the last two weeks. The catalyst for this impressive share price performance has been an update on its Hadrian X programme released last week. That update revealed that it has successfully built a 180-metre squared, 3-bedroom, 2-bathroom home structure in less than the targeted total elapsed time of three days. Management will now take everything it has learned to date in the Hadrian X programme and make some refinements before demonstrating the technology to key commercial stakeholders. Investors appear pleased that this could mean FBR isn't too far away from generating revenues.
The Mitula Group Ltd (ASX: MUA) share price has jumped 6.5% to 73 cents after the digital classifieds group advised that LIFULL Co has agreed to further amend the Scheme Implementation Deed to enable additional downside protection for the scrip consideration payable under the Scheme. According to the release, under the new provision, if the value implied by the LIFULL share price (after applying the existing Downside Price Protection Mechanism) is less than 80 cents per share, an additional amount of money will be added to the scrip consideration under the scheme up to a maximum of A$10 million.
The Zip Co Ltd (ASX: Z1P) share price is up almost 3% to 95.5 cents after the payment solutions company advised that it has agreed a partnership with Wesfarmers Ltd (ASX: WES) subsidiary Bunnings Group Limited to offer its interest-free payments to its customers. Zip CEO and managing director, Larry Diamond, said he was "thrilled and proud to partner with a truly historic Australian brand in Bunnings." Before adding that: "We believe Zip will be a great fit for Bunnings, not only for life's everyday necessities, but also for those larger aspirational home improvements, providing their customers with a better way to pay, over time, interest-free." The platform is expected to go live throughout Bunnings' Australian store network next month.
