The local market has had a positive start to the month and is up strongly in early afternoon trade on Thursday.
Three shares at the small end of the market that have started the new month with a bang are listed below. Here's why they are on the rise today:
The Food Revolution Group Ltd (ASX: FOD) share price has jumped 9.5% to 11.5 cents. This morning the juice company announced that it has received the second tranche payment ($2.51 million) as part of the strategic investment announced in September. This is part of a $20.25 million strategic investment led by Careline and its CEO Norman Li. The company aims to use the funds to grow its sales from $35 million to up to $500 million within three to five years. I think Food Revolution is worth adding to your watchlist.
The Praemium Ltd (ASX: PPS) share price has zoomed 9% higher to 84 cents despite there being no news out of the fintech company. This latest gain means that Praemium's shares have now rocketed 23.5% since the start of trade on Tuesday. Investors appear to be seizing on share price weakness in October brought about by the market meltdown and tech selloff. The company's shares were trading at $1.13 at the start of last month, so are still down over 25% since then even after this week's gains.
The Probiotec Limited (ASX: PBP) share price has pushed 9% higher to $1.43 after the manufacturer, marketer, and distributor of pharmaceutical products announced a special dividend and share buyback. According to the release, the company intends to commence an on-market buyback for up to 10% of the shares on issue in the middle of this month. In respect to its dividend, Probiotec has declared a fully franked special dividend of 5 cents per share. Its shares will go ex-dividend on November 8, with the dividend being paid a week later on November 15.
