Why these 4 ASX tech shares surged today

Here are 4 ASX tech shares that enjoyed big share price gains today for a number of reasons. We take a closer look.
The post Why these 4 ASX tech shares surged today appeared first on Motley Fool Australia. –

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During a day when the entire world seems to be focused on the US election, there were a number of ASX tech shares that enjoyed big gains. Here’s a closer look at today’s winners, and what was moving their share prices.  

4 ASX tech shares with massive share price gains today

Healthcare technology

The Nanosonics Ltd. (ASX: NAN) share price rocketed by 12.50% today. Nanosonics sells products related to reducing infection. Today it posted a business update with a lot of good news in it for the past four months. For example, the company has posted a 4% increase in consumable units installed. Moreover, the number of new trophon units installed was 91% of the prior corresponding period (pcp). 

Industry software

The Infomedia Limited (ASX: IFM) share price closed out the day’s trade up by 10.49%. Infomedia is a leading software provider in parts, service and data insights to the global automotive industry. 

The company today signed a strategic pan-European contract with Ford Europe. This is to provide the next generation (Next Gen) of its Microcat electronic parts catalogue (EPC) in the region. The total contract value of this for the ASX share is approximately $14 million over 5 years.

The Vection Technologies Ltd (ASX: VR1) share price rose by 9.09% today. This company provides 3D virtual reality software so that designers can interact with their designs of products. For example, the company’s product, FrameS, is used by luxury car makers to provide virtual showrooms for customers. This includes brands such as Lamborghini, Maserati, Volvo and Philip Morris.

Vection announced a partnership with Luiss Business School yesterday. This company has accreditations that will allow Vection to accelerate the promotion of its augmented reality suite of healthcare solutions across the public and private healthcare sectors. The school is the creator of the Italian model for risk management in healthcare.

Fintech ASX shares

RAIZ Invest Ltd (ASX: RZI) is an fintech company in Australia, Indonesia and Malaysia. It allows Australian customers to micro-invest the remaining round up of everyday purchases in exchange traded funds. Today, the company published a business update filled with good news. 

This includes a 55% increase in customer sign ups on pcp. In addition, a 57.1% increase in investment accounts on pcp, and a 43.8% increase in active accounts. In fact, the total funds under management increased by 27.9%, reaching just over half a billion. The Raiz share price finished the day up by 4.76%.

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Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Infomedia and Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics 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.

The post Why these 4 ASX tech shares surged today appeared first on Motley Fool Australia.

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