The market may be sinking lower again on Friday but that hasn't stopped some shares from posting strong gains today.
Three small cap shares that are ending the week on a high today are listed below. Here's why:
The AVZ Minerals Ltd (ASX: AVZ) share price is up 5.5% to 9.5 cents after returning to trade on Friday. The lithium-focused mineral exploration company's shares returned to the ASX board following the release of drilling results from its Manono project in the Democratic Republic of the Congo. According to the release, those results have increased the company's knowledge of "the deposit along strike, both to the south-west and north-east of the central part of the main resource area." In light of this, management believes it is very likely that it will see an increase in resource tonnages and category at Roche Dure. As a result, it expects "this to lower the strip ratio over LOM and positively impact the project economics."
The Biotron Limited (ASX: BIT) share price has rebounded almost 6% higher to 27 cents on Friday. The drug development company's shares crashed 19% lower on Thursday after profit-taking weighed heavily on its performance. Biotron's shares have been on fire this month due to its promising work on the HIV-1 infection. Earlier in the week its shares were up over 1,000% in the space of just two weeks. While I think it is certainly one to watch, I wouldn't be in a rush to buy at these levels.
The Eden Innovations Ltd (ASX: EDE) share price has continued its strong run and is up 4.5% to 11.5 cents. The clean energy company's shares have been surging higher this month after its EdenCrete admixture won a Federal contract in the United States. In addition to this, yesterday an evaluation trial with the Metropolitan Atlanta Rapid Transit Authority found that the use of EdenCrete would provide the Authority with significant savings by reducing both the life cycle cost and the frequency of maintenance. Investors appear to be betting that this will lead to more Federal contract wins.
