It has been disappointing finish to the week for the Australian share market.
In afternoon trade the market is trading notably lower ahead of the G20 summit in Argentina this weekend.
Three small cap shares that have not let that hold them back are listed below. Here’s why they are storming higher today:
The Artemis Resources Ltd (ASX: ARV) share price has stormed 12% higher to 15.7 cents. This morning the West Pilbara-based mineral developer announced that it has secured a $5.4 million funding package from a UK-based institutional group and has commenced an airborne survey on its Armada Prospect. The funding package from Riverfort Global Capital will be used for exploration activities at Armada, together with the next resource upgrade and preliminary metallurgical results from the Carlow Castle Au-Cu-Co Project.
The PWR Holdings Ltd (ASX: PWH) share price has surged 6% higher to $3.75 despite there being no news out of the cooling solutions provider to the auto industry. However, it appears that investors see value in PWR Holdings’ shares at these levels after a recent pullback. One broker that certainly does is Morgans. Last month its analysts retained their add rating and increased the price target on its shares to $4.25 following its annual general meeting update. The broker liked the look of its new technology and believes it has a strong pipeline of work through to 2022.
The Redbubble Ltd (ASX: RBL) share price has stormed 13% higher to $1.13. This latest gain means that Redbubble’s shares have bounced almost 38% higher since crashing to a 52-week low of 82 cents on Wednesday. The ecommerce company’s shares crashed lower after it revealed changes to Google search algorithms had impacted its organic search sales by 3% year on year. One broker that wasn’t overly concerned was Goldman Sachs. A note out of the investment bank revealed that it held firm with its buy rating and $1.95 price target despite the blip. Although Goldman acknowledges that there are short term risks, it reminded investors that its positive investment case is built around the long-term outlook which remains unchanged.
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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 REDBUBBLE FPO. 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.