The Australian share market has had a stunning start to the week thanks to the easing of trade war concerns.
Three small cap shares that have climbed more than most today are listed below. Here's why they are storming higher:
The Citadel Group Ltd (ASX: CGL) share price has surged over 5% higher to $8.13 after the software and services company announced the acquisition of Gruden Pty Ltd. Gruden is a government software as a service business which management advised will further strengthen its platform capabilities and provides new government panel arrangements. In addition to this, the company revealed that it has seen a growing number of Citadel-IX users. It expects this trend to continue in the coming months as demand builds for the leading enterprise information management product.
The FBR Ltd (ASX: FBR) share price has pushed 6% higher to 17 cents after the robotics company released a corporate presentation. Within the presentation the company provided a global addressable market estimate for its Hadrian X brick-laying robot. Management estimates the total low rise construction market to be 330 billion standard bricks per year. This means a theoretical requirement for up to 150,000 of its construction robots.
The Gascoyne Resources Ltd (ASX: GCY) share price has rocketed over 37% to 12.5 cents despite there being no news out of the gold producer. But with its shares hitting a 52-week low last week, it appears that bargain hunters are swooping in today. Gascoyne is the owner of Australia's newest gold mine in Western Australia. It is currently ramping up to commercial production and is targeting 100,000 ounces of the precious metal per annum for an initial six years. In addition to this, it has a second development project that management believes puts the company on a clear pathway towards 200,000 ounces of production per annum.
