The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a gain. In afternoon trade, the benchmark index is up 0.3% to 8,855.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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4DMedical Ltd (ASX: 4DX)
The 4D Medical share price is rocketing again on Friday and up a further 29% to $1.69. This respiratory imaging technology company's shares have now more than doubled in value since this time last week. The catalyst for this has been news that its ventilation-perfusion product, CT:VQ, has received U.S. Food and Drug Administration (FDA) 510(k) clearance. In addition, a second announcement revealed that the U.S. Centers for Medicare & Medicaid Services (CMS) have confirmed that reimbursement for the software falls under Category III Current Procedural Terminology (CPT) codes 0721T and 0722T, and will be paid at US$650.50 per scan, effective immediately.
Lotus Resources Ltd (ASX: LOT)
The Lotus Resources share price is up 4% to 18.7 cents. This uranium producer's shares are rebounding today after crashing on Thursday following the completion of a major capital raising. The company raised A$65 million or US$42 before costs via a non-underwritten placement at a discount of 19 cents per new share. In response to the news, this morning Ord Minnett retained its speculative buy rating on its shares with a trimmed price target of 35 cents.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up 8% to $3.98. This morning, this lithium developer announced that it has signed a supply contract with Canadian electrochemistry company, NORAM Electrolysis Systems (NESI). This will see it become the exclusive electrolysis technology supplier for Vulcan's Phase One Lionheart Project. Vulcan Energy's CEO, Cris Moreno, commented: "The signing of the contract with NESI is an important step ahead of the construction of our Central Lithium Plant. Our partnership with NESI to date has been key to our success at CLEOP, and its technology is a global leader in producing lithium hydroxide through electrolysis. This is yet another milestone in our aim to deliver a local, low-cost source of sustainable lithium for European EV batteries."
Xero Ltd (ASX: XRO)
The Xero share price is up almost 1.5% to $158.99. This also appears to have been driven by the release of a bullish broker note out of Ord Minnett this morning. According to the note, the broker has upgraded the cloud accounting platform provider's shares to a buy rating with a $200.00 price target. It believes Xero is positioned to achieve its lofty revenue growth targets.
