By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, August 23, 2016

The liquidity driven rally continues in the equity market. Earlier today, all major indexes in Europe closed higher as sentiment was lifted by some positive UK economic data. Economic data from the UK since the Brexit vote has generally been solid, leading some analysts to question whether fears of Britain’s exit from the European Union (EU) were overblown. In North American, the U.S. and Canadian markets have also edged higher. All three major indexes in the U.S. continue to trade near record high levels. At last check, the Canadian benchmark index, S&P TSX, was trading 0.16% higher.

One of the major movers in the Canadian market today is Augusta Industries Inc. (TSX-Venture:AAO). Based in Mississauga, Ontario, the company through its subsidiaries is engaged in the development, integration and sale of fiber optic sensing systems for the strain/temperature sensing market, and selling equipment to foreign multinational companies operating in the Middle East and to the United States Government. The company’s segments include Marcon International Inc. (Marcon) Operations, Fox-Tek Canada Inc. (Fox-Tek) Operations and Corporate Operations.

AAO shares are soaring after the company announced record revenue for the first half of 2016. For the six-month period ended June 30, 2016, AAO reported revenue of $1.818 million, which represents an increase of $800,000 or 82% when compared to the six-month period ended June 30, 2015. The company’s net income for the six-month period was $149,000 or $0.001 per share, compared to a loss of $478,000, or $0.003 per share reported for the six-month period ended June 30, 2015. Gross profit for the six-month period was $692,000, compared to $305,000 reported for the same period in the previous year.

Commenting on the record results, Allen Lone, President at Augusta Industries, said that the company is extremely pleased as to how the first part of 2016 has unfolded. Lone further said that the results of 2016 is an indication of the success that the company as experienced in its sales efforts in 2015 and the first part of 2016. He added that the results are a true reflection of the company’s efforts to increase its sales, decrease costs and focus on a growing market.

At last check, AAO shares were trading 20% higher at $0.0300 on volume of 1.46 million, which is nearly double the daily average volume of 825,618. Even with the strong news today, shares are still trading in the lower band of their 52-week range.

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