The Australian share market may be tumbling notably lower today but that hasn't stopped some shares from pushing higher.
Three small cap shares on the up on Tuesday are listed below. Here's why they are higher:
The Bubs Australia Ltd (ASX: BUB) share price has given back some of its early gains and is now up just 1.5% to 68 cents. Investors appear to have responded positively to news that its current CEO Nicholas Simms will step down from the role at the end of October. He will be replaced by co-founder and managing director Kristy Carr. According to the release, the appointment of Carr has signalled that the business has entered into the next phase of development. Prior to this news breaking, analysts at Morgans had declared Bubs a hold with a reduced price target of 60 cents. Previously the broker had a price target of 82 cents on the goats milk infant formula company's shares.
The Wattle Health Australia Ltd (ASX: WHA) share price is up 2% to $2.04. This morning the infant formula and baby food company announced that it has extended the 12- month supply agreement with India-based Vasudevan and Sons Exim Private Limited (VSEP) for its natural baby food range. According to the release, VSEP has increased the minimum volumes for the term of the supply agreement representing revenue of approximately A$3.5 million. As part of the supply agreement VSEP will put a bank guarantee in place to guarantee the minimum supply.
The Zelda Therapeutics Ltd (ASX: ZLD) share price is up over 2.5% to 7.9 cents after entering into a distribution and manufacturing strategic partnership with German medicinal cannabis group HAPA Medical. According to the release, the agreement provides HAPA with first rights to distribute and/or manufacture Zelda's clinically validated formulations into the rapidly growing German market. Management advised that no amounts will be received initially under this arrangement and all future receipts will come from the sale and distribution of Zelda's products into the German and European markets.
