By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, May 25, 2016

Global markets are rallying in trading today as sentiment has been lifted by rising oil prices, some positive economic data from the U.S. and a debt deal between Greece and its lenders. All major indexes in North America have risen sharply. In the U.S., the S&P 500 is up sharply for a second successive day. In Canada, the S&P/TSX Composite Index is up more than 0.8% in mid-day trading today.

Market participants are also brushing aside concerns over when the Federal Reserve in the U.S. will hike its benchmark interest rates. Last week, minutes released by the Fed from its most recent FOMC showed that the central bank is considering a rate hike in June itself if the economy continues to improve.

In the oil market, sentiment has been lifted as fundamentals continue to improve. Data released on Tuesday showed that crude inventories in the U.S. dropped significantly more than forecast. The data once again indicates that U.S. production is declining. At the same time, supply outages in several producer countries has led to a jump in prices.

Augusta Industries Inc. (TSX-Venture:AAO) shares are among the most active in trading today. Based in Oakville, Canada, Augusta Industries is engaged in the development, design, manufacture and supply of systems using fiber optic sensors, related monitoring instruments, and software.

At last check, AAO shares were trading at $0.0250, flat from yesterday’s closing price. However, AAO has seen volume of 2.79 million in trading today, which is well above the stock’s daily average volume of 825,618.

AAO shares are seeing significant activity in trading today after the company announced record results in its first quarter. For the three-month period ended March 31, 2016, AAO reported record revenue of $1,011,000. The company’s revenue rose 90% on a year-over-year basis. AAO’s total comprehensive income for the three-month period was $178,000, compared to a loss of $196,000 reported for the same period in the previous year.

Allen Lone, President of Augusta Industries, said that the record results for the first quarter of 2016 is an indication of the success that the corporation has experienced in its sales efforts in 2015 and 2016. Lone further said that the record revenue was a result of increased spending of the corporation’s current clients and the addition of new clients through the quarter.

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