Nuix Ltd (NXL.AU) shares surged 5.11% in intraday trading on Wednesday, following the company's announcement of a robust Annual Contract Value (ACV) forecast for the full year. The Australian software firm's positive outlook has evidently sparked investor enthusiasm, driving the stock to outperform the broader market.

In a statement released earlier in the day, Nuix Ltd revealed that it currently expects its ACV for the full year to fall within the range of A$240 million to A$260 million. This projection signals strong confidence in the company's financial performance and growth trajectory, which has been warmly received by market participants.

The impressive ACV forecast suggests that Nuix is successfully expanding its client base and potentially increasing the value of existing contracts. This positive momentum could translate into improved revenue and profitability for the company in the coming periods. As investors digest this information, the stock's upward movement reflects growing optimism about Nuix's future prospects in the competitive software industry.