These small cap ASX shares have surged higher on Wednesday
The market may have sunk into the red again on Wednesday but not all shares have followed it lower.
In fact, the three small cap shares listed below have managed to post strong gains today in the face of the market selloff.
Here’s why they are on the rise:
The Antipa Minerals Ltd (ASX: AZY) share price has rocketed 19% higher to 3.1 cents. This is the second day in a row of strong gains for Anitpa Minerals’ shares following the release of a positive announcement yesterday. On Tuesday the mineral exploration company announced the commencement of an airborne electromagnetic (AEM) survey at the Citadel Project as part of the $60 million farm‐in agreement with Rio Tinto Limited (ASX: RIO). The Citadel Project is located in the prospective Paterson Province, 80 km north of the Newcrest Mining Limited (ASX: NCM) operated Telfer gold‐copper‐silver mine in northern Western Australia. Previous AEM surveys have resulted in several significant discoveries in the Paterson Province.
The Catapult Group International Ltd (ASX: CAT) share price has avoided the tech selloff and climbed 1.5% higher to $1.03. This afternoon the sport analytics and wearables company announced two partnerships in world football and a video coaching solutions deal with a new American Football league. Management believes that the three partnerships further showcase Catapult’s global leadership in sports science innovation and technology. The two world football deals have seen New York City FC partner with its PLAYR business and the Confédération Africaine de Football (CAF) sign a deal with Catapult to supply its athlete monitoring technology to all 54 countries under its jurisdiction. The latter partnership will see 2,650 of Catapult’s PLAYERTEK units supplied to CAF teams to help optimise performances.
The Collection House Limited (ASX: CLH) share price has pushed over 3.5% higher to $1.27 after an independent proxy adviser endorsed the board’s AGM recommendations. CGI Glass Lewis has also recommended that shareholders reject all resolutions proposed by Lev Mizikovsky. Mr Mizikovsky is a disgruntled shareholder seeking to spill the board and elect two of his own nominees. The Collection House board made the move due to concerns that “shareholder returns and value are being put at risk due to the uncertainty created by Mr Mizikovsky and his ongoing and baseless assertions.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. 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.