Unfortunately for investors the Australian share market's poor run has continued on Wednesday. In afternoon trade it has given back its morning gains and dropped into the red.
Three small cap shares that haven't let this hold them back are listed below. Here's why they have stormed higher today:
The Blue Sky Alternatives Access Fund Ltd (ASX: BAF) share price has risen 5% to 88 cents after announcing that it has received a proposal from Wilson Asset Management (WAM) for WAM to be appointed as its new manager. The fund's non-executive directors have requested that WAM provide further detail regarding its proposal so that they can consider the proposal and provide full details to shareholders in due course.
The Catapult Group International Ltd (ASX: CAT) share price has raced 14% higher to $1.12 following the release of its first quarter update and guidance for the full year. The sports analytics and wearables company has had a solid start to FY 2019 and seen group cash receipts from customers rise 25% on the prior corresponding period to $34.7 million. The solid quarterly performance was driven by strong growth in its Elite Wearables segment, which saw revenue grow 51% on the prior corresponding period. As a result of this positive start, management expects full year revenue of between $86 million and $88 million in FY 2019. This implies growth of between 17% and 20% on FY 2018's result.
The CogState Limited (ASX: CGS) share price is up 7% to 60 cents. This morning the science and technology solutions provider released a business update ahead of its annual general meeting. Management advised that CogState's first quarter performance was in line with its revised guidance following the cancellation of Alzheimer's disease clinical trials. First quarter revenue came in at $6.4 million and its contracted revenue backlog stands at $29.8 million.
