The All Ordinaries may be taking another dive today, but not all shares have followed it lower.
The three small cap shares listed below have started the week with strong gains. Here's why they are storming higher on Monday:
The iSelect Ltd (ASX: ISU) share price has raced over 7% higher to 80.5 cents. Investors appear to have responded positively to news that Innovations Holdings has increased its stake in the beaten down price comparison company from 19.6% to 22.6%. Innovation Holdings owns arch rival Compare the Market and snapped up 5.75 million shares though an on market trade on Thursday of last week. I suspect that the market may be interpreting this latest purchase of shares as a sign that a takeover offer could be made in the not so distant future.
The Kidman Resources Ltd (ASX: KDR) share price is up 9.5% to $1.47 after the lithium miner advised that it has executed a deed of settlement with the objectors to the applications for its exemption from the minimum expenditure obligations on its Mt Holland tenements. There had been concerns that Kidman Resources may have been forced to forfeit the tenements, but this settlement means that all objections to the applications for exemption have been withdrawn and forfeiture applications at Mt Holland will also be dismissed. Kidman Resources and its joint venture partner, Sociedad Quimica y Minera de Chile, will now push ahead with the project development.
The Ramelius Resources Limited (ASX: RMS) share price is up 12.5% to 45 cents. As well as benefitting from increased demand for safe haven assets from investors today due to the market selloff, Ramelius' shares were given an extra boost following the release of a positive exploration update this morning. The gold miner released highly encouraging in-pit and regional exploration drilling results from its ongoing exploration and resource development drilling programs at its Mount Magnet and Edna May operations.
