These small cap ASX shares are charging higher today

In early afternoon trade on Wednesday the Australian share market has dropped a touch lower.

Three shares at the small end of the market that haven’t let that hold them back are listed below.

Here’s why they are charging higher today:

The Nuheara Ltd (ASX: NUH) share price has stormed 16.5% higher to 9.2 cents after the hearing solutions company revealed that it has been selected by the United Kingdom’s National Health Service (NHS), through a formal Tender process, to provide hearing solutions to adults and children with mild to moderate hearing loss. The agreement will commence in April 2019 and be for an initial two-year period with the option for a further two-year extension. Management estimates the value of purchases made by the NHS for hearing device solutions to support this mild to moderate hearing category is ~£34.5 million in the first 12 months and £138 million for the full term of 48 months, if extended. While this is a big positive, it is worth noting that this does not guarantee that Nuheara’s products will be prescribed, just that they can be.

The Longtable Group Ltd (ASX: LON) share price has rocketed 21.5% to 34 cents on the day of the food company’s annual general meeting. At the event, the company’s CEO, former Bellamy’s Australia Ltd (ASX: BAL) CEO Laura McBain, revealed that FY 2019 is in line with expectations year to date. In addition to this, the turnaround of the Maggie Beer business has been going well and it achieved positive EBITDA in October. McBain believes the brand is positioned to deliver compelling results over the remainder of the first half.

The SKY and Space Global Ltd (ASX: SAS) share price is up over 3% to 6.4 cents after the nanosatellites company announced that it has signed a distribution agreement with GlobalSat Group. Management advised that once its constellation of nanosatellites is deployed, it expects to generate revenues of US$5 million from this agreement within the first two years. This is based on a conservative GlobalSat Group estimate. In addition to this, management believes the deal has significant growth potential thanks to the extensive amount of current and upcoming GlobalSat clients across the energy, government, defence, mining, and agriculture sectors.

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.

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