The Australian share market is on course to finish the week on a positive note thanks to a late recovery on Wall Street overnight.
Three shares at the small end of the market that are climbing more than most today are listed below. Here’s why they are ending the week on a high:
The Jumbo Interactive Ltd (ASX: JIN) share price has jumped 7% to $8.21 after providing an update to its FY 2019 outlook. According to the release, the lotteries company has had a strong start to the year and now expects total transaction value to be ~$264.1 million this year, up 44% from $183.1 million in FY 2018. Net profit after tax from continuing operations is expected to increase at the even quicker rate of 75% to $20.5 million.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has surged 11% higher to $1.40 after it announced consistent reduction in pain from an additional 38 patients with osteoarthritis treated with injectable Pentosan Polysulfate Sodium (iPPS) under the Therapeutic Goods Administration Special Access Scheme. Combined with the previously reported 145 patients, this brings the average reduction in pain scores to 51.4% across the 183 patients. Management advised that the pain reducing effects of iPPS are considered significantly superior than the typical 15% pain reduction scores reported for opioid treatments for chronic pain in osteoarthritis of the knee and hip.
The Watpac Limited (ASX: WTP) share price has risen 10% to 92 cents after BESIX revealed that its unconditional off-market takeover bid has now closed. BESIX was able to increase its strategic stake in Watpac from 28.1% to 91.8%, meaning it will now proceed with compulsory acquisition of all remaining Watpac shares. An update on the timing of the suspension and delisting of its shares will be given when the compulsory acquisition process is formally commenced. BESIX is a Belgium-based construction and property development company with an annual turnover in excess of $3.6 billion per year.
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Jumbo Interactive Limited. 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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