Global equities have kicked off the week on a strong note, driven by a rebound in commodities.
Iron ore prices have jumped past $50 per ton. Oil prices have also rebounded sharply today.
With the sentiment improving on risk assets, we could see a sustained rally.
Indeed, all three benchmark indexes in the U.S. finished higher last week as well. In mid-day trading today, the S&P 500 was once again sharply higher. The NASDAQ is also gaining momentum. In fact, the tech-heavy NASDAQ even managed to post gains on Friday when the Dow Jones and the S&P 500 finished lower.
The technology sector is one of the biggest movers in trading today. Some of the biggest large- cap gainers in the tech sector today include Amazon.com Inc. (NASDAQ:AMZN), which was trading more than 4% higher in mid-day trading. Despite the gains, AMZN is still down more than 17% for the year.
Qualcomm Inc. (NASDAQ:QCOM) is another major gainer in the tech sector today. At last check, QCOM shares were up more than 3%. QCOM is also higher for the year. Year-to-date, QCOM shares have gained just under 2%. In the last five trading sessions, QCOM shares have gained more than 14%.
In the micro-cap space, one of the major gainers today is Gatekeeper Systems Inc. (TSX-Venture: GSI). Based in Abbotsford, British Columbia, Gatekeeper Systems is a provider of innovative, end-to-end video safety and security solutions for mobile applications including body cameras, in-car police video systems, school bus video and stop arm camera video enforcement systems, transit bus video systems, and airborne digital recording systems for military applications. At last check, GSI shares were trading 12.5% higher at $0.135.
GSI shares are soaring after the company announced that it has entered into a new contract with one of the largest school districts in the U.S. According to the terms of the contract, GSI will provide its solid state school bus video systems for special needs buses. The contract is worth $760,000. GSI expects to complete shipment of all systems in March 2016.
Doug Dyment, President & CEO at Gatekeeper Systems, said that the company’s high definition mobile video platforms are gaining more attention across North America as it continues their sales and marketing efforts. Dementia further said that the company’s systems allow customers to upgrade to its high definition platform without replacing older cameras in their system, providing the benefit of high definition video while giving them the option to replace older cameras as their budgets allow.
While the stock is still in the lower-band of its 52-week range, today’s positive news could prove to be a catalyst for future share price appreciation as shares look to be near a long term support level around $0.11 - $0.12.
