After a huge rally in the previous trading session that saw all three benchmark indexes in the U.S. soaring more than 2%, stocks are seeing a bit of a correction it today’s trade. However, the concerns that had sparked a sell-off in global markets at the start of this year seem to be for the most part easing.
The concerns have eased partly because policymakers have announced measures to support economic growth. In addition, several analysts have noted that while we are likely to have a slowdown in the global economy, a recession is highly unlikely.
While North American markets are seeing a slight pullback in trading today, there are some big winners. One of them is IBC Advanced Alloys Corp. (TSX-Venture:IB), which at last check was trading 44.44% higher at $0.0650 on volume of 4.56 million, which is significantly above the daily average volume of 142,334. Based in Vancouver, Canada, IBC, formerly known as International Beryllium Corporation, is engaged in the development and manufacturing of advanced alloys, in particular beryllium alloys and specialty copper alloys. The company also focuses on beryllium mineral exploration.
IBC shares are surging in trading today after the company announced that it has signed an agreement with a leading global manufacturer of semiconductor and electronics assembly equipment to be its exclusive supplier of Beralcast® cast components. The company will supply Beralcast® 363 cast components for a four-year period with the agreement expected to generate base line sales of approximately USD $4,800,000 over the term of the contract.
According to IBC, Beralcast® alloys are ideally suited to many aerospace applications where lightweight, high modulus and cost are critical performance factors. Given the robust outlook for the aerospace industry, IBC certainly looks a promising story in the long-term.
Commenting on the latest supply agreement, Chris Huskamp, who serves as President at IBC Advanced Alloys’ Engineered Materials unit, said that high-performance automation and manufacturing are great applications for Beralcast® materials and it is a privilege to serve this leading global company. Huskamp further said that robotics, precision manufacturing, and automated assembly equipment use sophisticated designs and complex components to meet demanding design criteria and critical tolerances. He added that IBC's Beralcast® components are ultra-lightweight with high modulus and excellent thermal characteristics and are ideally suited to applications requiring high precision and performance. Huskamp also said that the company is excited to be involved in precision manufacturing and see many new applications for Beralcast® components in this growing market.
