It has been a very positive day of trade for the Australian share market and gains are been seen largely across the board.
Three shares at the small end of the market that have caught the eye with strong gains today are listed below. Here's why they are on the rise on Thursday:
The Collection House Limited (ASX: CLH) share price has climbed 5.5% to $1.35 on the day of its annual general meeting. Ahead of the meeting the receivables management company announced a strategic alliance with Volt Bank aimed at delivering innovative and ethical financial services and products to customers. In addition to this, management reiterated its FY 2019 guidance for earnings per share between 15.2 cents and 15.5 cents. Positively, it now expects to achieve the high end of this range.
The Redbubble Ltd (ASX: RBL) share price has bounced back from a selloff on Wednesday with a 10% gain to $1.02. The ecommerce company's shares crashed lower yesterday after it revealed that changes to Google search algorithms had impacted its organic search sales by 3% year on year. This morning a note out of Goldman Sachs revealed that it has held firm with its buy rating and $1.95 price target despite this blip. While the broker acknowledges that there are short term risks, its positive investment case is built around the long-term outlook which remains unchanged.
The Silver Chef Limited (ASX: SIV) share price is 3% higher to $1.53 following the release of the equipment leasing company's AGM update. Within its trading update the company revealed that its bad debt levels for the first four months of FY 2019 are running at the target and historic level of between 2.5% to 3.5% of rental income. In addition to this, management said that it is confident that the many opportunities the company has in Australia, New Zealand and North America will deliver strong returns and value for shareholders.
