The Australian share market has bounced back from Monday’s selloff and is up around 0.1% at lunch.
Three shares that have climbed more than most at the small end of the market today are listed below. Here’s why they are surging higher on Tuesday:
The Animoca Brands Corporation Ltd (ASX: AB1) share price has jumped 10.5% to 10.5 cents after the mobile games company announced that it has entered into a collaboration framework agreement with iClick Interactive Asia to establish a strategic partnership which aims to jointly develop and grow an online marketing business serving the video game sector. The deal will also see the company become a strategic reseller of iClick in a transaction which is expected to provide Animoca Brands initial revenue of US$8 million (approx. A$11 million) per annum.
The Alacer Gold Corp (ASX: AQG) share price has pushed 3% higher to $2.27 after the gold miner announced the maiden mineral resource for its Ardich oxide gold deposit located approximately 6km northeast of the Çöpler Gold Mine. According to the release, the measured and indicated mineral resource is 294koz of gold at an average grade of 1.32 Au g/t (6.9MT). The company’s CEO, Rod Antal, appeared to be pleased with the mineral resource, believing the Ardich deposit to “the next stage of our successful organic growth strategy.”
The Kogan.com Ltd (ASX: KGN) share price has jumped 4.5% to $3.23 despite there being no news out of the ecommerce company. However, Kogan.com’s shares were hit hard during yesterday’s selloff and were trading at a relatively attractive level this morning. I suspect bargain hunters may have swooped in this morning to take advantage of the share price weakness. While I do like the look of Kogan.com at the current level, I intend to keep my powder dry until it has provided a first half update early next year.