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Highlights:
- 4DMedical Ltd (ASX:4DX): Shares rise 7.5% to 49.5 cents after signing a significant commercial contract with Perth Radiological Clinics.
- Select Harvests Ltd (ASX:SHV): Shares climb 10% to $4.07 following an upgraded price target from Bell Potter.
- ASX 200 Performance: The benchmark index rises 0.25% to 8,457.4 points in afternoon trade.
The S&P/ASX 200 Index is having another solid day, with the benchmark index gaining 0.25% to reach 8,457.4 points in afternoon trade. However, several ASX shares are rising even more, showing strong individual performances. Here's a look at two Smallcap stocks that are gaining traction today, and the factors driving their gains.
4DMedical Ltd (ASX:4DX)
4DMedical is experiencing a notable boost, with its share price rising by 7.5% to 49.5 cents in afternoon trade. The respiratory imaging technology company’s shares are being propelled higher following the announcement of a significant commercial contract with Perth Radiological Clinics (PRC). Under this new agreement, 4DMedical will deliver its XV Technology-enabled ventilation reports to an initial 16 clinics in Perth, marking a major step in expanding the company's presence in the Australian healthcare market.
PRC is one of the leading providers of diagnostic imaging services in Western Australia, known for its clinical excellence and wide market reach. The contract is seen as a key milestone in 4DMedical’s growth strategy, further cementing its role in the rapidly evolving healthcare sector. This agreement is not only expected to generate immediate revenue but also set the stage for future growth in both the domestic and international markets.
Select Harvests Ltd (ASX:SHV)
Shares in Select Harvests have surged by 10% to $4.07, driven by a positive broker note from Bell Potter. The note, which retained a ‘Buy’ rating on the almond producer's shares, included an upgraded price target of $5.00. Bell Potter highlighted that Select Harvests’ balance sheet had ended FY24 in a much stronger position than anticipated, buoyed by approximately $80 million in cash inflows after the end of the financial year.
Moreover, the broker pointed out that spot almond prices are currently higher than the levels previously expected for FY25, with a price of more than A$9/kg. This suggests an upside to earnings forecasts if the 2025 crop performs as expected. The improved financial outlook and favorable market conditions are giving investors confidence in the company's prospects, propelling its share price higher today.
Other ASX Shares on the Rise
While 4DMedical and Select Harvests lead the charge, there are several other ASX stocks benefiting from the positive market environment. The strong performance of these two companies highlights investor optimism, particularly in sectors such as healthcare and agriculture, which are poised for growth in the coming years. The gains seen in these stocks today reflect the broader positive sentiment in the Australian market, with the S&P/ASX 200 Index continuing to edge higher.
