Although the S&P/ASX Small Ordinaries (Index: ^AXSO) (ASX: XSO) is on course to finish the day in the red, not all small cap shares have sunk lower today.
Three small caps that are pushing notably higher on Thursday are listed below. Here’s why they are surging higher:
The Firstwave Cloud Technology Ltd (ASX: FCT) share price has surged over 12% higher to 27.5 cents after the cloud security services company announced a deal with Ingram Micro. According to the release, the company has launched its FirstCloud Mail Security solution within the Ingram Micro Australian distribution channel. This could be a big step forward for the company as Ingram Micro is one of the world’s largest technology distributors and delivers supply chain services to over 200,000 partners and IT service providers worldwide. But it is early days and investors may want to wait to see how sales develop.
The Osprey Medical Inc (ASX: OSP) share price is up 5.5% to 19 cents. Investors appear to have responded positively to the medical device company’s annual general meeting presentation that was released this morning. Management took the opportunity to remind the market of the sizeable opportunity that its products have. According to the release, there is a US$1.8 billion total addressable market for its DyeVert and DyeTect products. These products are designed to make heart imaging procedures safer for patients with poor kidney function.
The Supply Network Limited (ASX: SNL) share price has jumped almost 10% to $3.51 after the after-market parts supplier to the commercial vehicle industry provided an earnings guidance update. According to the release, Supply Network expects sales revenue for FY 2018 to be approximately $111 million and earnings before interest and tax (EBIT) to be around $11.5 million. Previous guidance was sales of $110 million and EBIT of $10.8 million. I like Supply Network and think it is well worth a closer look.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Supply Network Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.