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These 3 ASX small caps zoomed higher today

racing higher

While the Afterpay Touch Group Ltd (ASX: APT) share price performance will take all the headlines after its 24% gain on Thursday, it wasn’t the only share surging higher.

Three shares at the small end of the market posting strong gains today are listed below. Here’s why they are on the rise:

The Firstwave Cloud Technology Ltd (ASX: FCT) share price rose 11.5% on Thursday to 29 cents. This morning the cloud security technology company announced that it has signed a software original equipment manufacturer (OEM) development and license agreement with global tech giant Cisco Systems. The agreement offers Cisco global customers FirstWave’s unique cloud service orchestration platform for differentiated email, next generation firewall, and web security. While it is still a little too soon to invest for me, I think that this new deal could make Firstwave Cloud Technology worth a closer look.

The Osprey Medical Inc (ASX: OSP) share price surged 33% higher today to 20 cents. The medical device company’s shares surged higher after it reported its fifteenth consecutive quarter of revenue growth for its dye saving technologies. According to the release, Osprey sold 1,955 units of its consumable products during the quarter, up 28% over the first quarter. This led to quarterly revenue of $651,000, up 23% quarter-on-quarter. I’ve been impressed with its growth and have Osprey Medical on my watchlist now.

The Swift Networks Group Ltd (ASX: SW1) share price finished the day 21.5% higher at 48 cents after the communications, content, and advertising solutions provider advised that it has won multiple contracts to provide its award-winning suite of entertainment and connectivity services to new and existing resources sites across Australia. A total of 1,336 new rooms have been added from these contract wins with companies including Iluka Resources Limited (ASX: ILU) and NT Link. I think Swift Networks is one of the more promising small cap shares on the ASX.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

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