Why Did Asia Broadband Inc. (OTC:AABB) Jump 15% On Wednesday?
On Wednesday, Asia Broadband Inc. (OTC:AABB) came into focus after it announced that the operations for the third fiscal quarter ending on September 30, 2024, would be concluded next week.
Asia Broadband Gold Production Continues Upward Trend For Third Quarter, As Ore Stockpile Processing Plant Advances Towards Completion
More importantly, the company announced that the production levels had already surpassed the performance in the second fiscal quarter. As a consequence, there was considerable optimism around the stock, and it ended up with gains of 14% as a consequence.
The stock is likely to be in focus over the coming days. In fact, the company had managed to surpass the expected gross profit and production levels in both the first and second fiscal quarters of the year. In the first fiscal quarter of 2024, gold production had gone up more than 100% in comparison to the fourth fiscal quarter of 2023.
That had been brought about by the selection of higher grades, higher daily throughput levels, and better recovery efficiencies. In the news release, it was also noted that higher levels of production had also resulted in reductions in production costs due to more efficient economies of scale and boosted the gross profit. The gross profit had continued to be in an upward trend over the previous three quarters. It could be a good time to add Asia Broadband to your watch lists.
Key Quote
“The elevation of our production processes by the mining operations team in all three quarters of this year will have a multiplier effect with increased production levels. We are eagerly awaiting to extend this expertise to our massive ore stockpile processing when the new plant is complete. This will take us to a much higher level than we have ever reached before”, expressed Chris Torres, the Company President and CEO.
| +/- EMA(20) | 0.0419 (-9.07%) |
| +/- SMA(50) | 0.0384 (-0.78%) |
| +/- SMA(200) | 0.0241 (+58.09%) |
| 5-Day Perf. | -11.6% |
| 1-Month Perf. | -37.95% |
| 3-Month Perf. | +166.43% |
| 6-Month Perf. | +101.59% |
| YTD Perf. | +93.4% |
| 1-Year Perf. | +78.87% |
| RSI(14) | 44.01 |
| ATR(14) | 0.01 |
| ADX(14) | 27.08 |
| Beta (5Y) | 0.32 |