The market has bounced back from its disappointing run and is notably higher after lunch.
Three shares that have posted strong gains at the small end of the market today are listed below. Here’s why they are storming higher:
The Beadell Resources Ltd (ASX: BDR) share price has climbed over 4% to 5 cents after the gold miner provided an update on its plant upgrade and production. According to the release, the construction of the pre-leach thickener, CIL tank, and oxygen tank are now complete. This means that the final stages of the Tucano Plant upgrade project are complete and fully commissioned. In addition to this, management advised that October production was 15,046 ounces due to improved material movement related to the continued mobilisation of U&M Mineração e Construção’s mining fleet to Tucano. One negative, though, is that production is now forecast to be at the lower end of guidance and costs are forecast to be at the higher end of guidance due to issues with the spargers that inject oxygen into the leach tanks.
The Murray River Organics Ltd (ASX: MRG) share price has stormed 16% higher to 9.3 cents following the release of the organic food company’s annual general meeting presentation. Investors appear pleased with the progress the company has made with its transformation plan after a disastrous FY 2018 which saw the company post a $59 million loss. Although the company expects to post an EBITDA loss of $2.8 million this year, it estimates that on an underlying basis this is a turnaround of ~$11 million.
The Nuheara Ltd (ASX: NUH) share price has jumped 7% to 7.6 cents after the hearing solutions company advised that it has extended its global hearing healthcare reach to the Republic of Ireland with the appointment of Hidden Hearing. According to the release, Hidden Hearing intends to stock the company’s IQbuds BOOST product in 61 of its stores from December 1. Nuheara CEO, Justin Miller, appeared to be pleased with the agreement. He said, “We are delighted to welcome Hidden Hearing into the Nuheara fold. Nuheara is committed to ensuring IQbuds BOOST is only available in channels that provide a consultative sales process and take the customer on a journey with our product. Hidden Hearing prides itself on the customer with significant effort and care placed on both pre and post-sales support.”
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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.