The Australian share market has bounced back with a bang on Friday and gains are being made across the board in afternoon trade.
Three small cap shares that are performing particularly well today are listed below. Here’s why they are on the rise today:
The Lucapa Diamond Co Ltd (ASX: LOM) share price has risen 4% to 25 cents after the diamond producer provided an update on its Lulo and Mothae diamonds. According to the release, select large premium-value Lulo diamonds are to be the first Lulo production sold through new marketing channels being introduced as part of Angola’s diamond sector reforms. Management appears confident that these diamonds will fetch a good price and boost its revenue.
The Opthea Ltd (ASX: OPT) share price has jumped almost 8% to 63 cents after the biologics drug developer announced that new clinical data analysis from its completed Phase 1/2a trial of intravitreally injected OPT-302 with and without Lucentis for the treatment of wet AMD was presented at the Retina Society 2018 Annual meeting in San Francisco. The additional study data included the pharmacokinetic profile of OPT-302, proportion of wet AMD subjects gaining vision, and the need for anti-VEGF-A rescue therapy. As you might have guessed from the share price reaction, the new data was positive and demonstrated the potential of Opthea’s OPT-302 product.
The Silver Lake Resources Limited (ASX: SLR) share price is up 2% to 50 cents after the gold miner released drilling results from its Daisy Complex site at the Mount Monger goldfield in Western Australia. According to the release, diamond drilling results from the Daisy Complex continue to deliver outstanding intersections in multiple directions, with strong continuity and high-grades at established underground mining widths. Management believes that these results highlight significant upside opportunities at the site.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.