As Brexit worries eased on Monday, risk assets rallied with all the major global benchmark indexes higher once again.
In the U.S., the S&P 500 was up for a second successive day. With two days left before the referendum, markets though are expected to remain volatile. if Britain votes to stay in the European Union (EU), a huge relief rally can be anticipated in the coming week.
Market sentiment has also been lifted after the Federal Reserve last week gave a dovish statement. As expected, the Fed did not hike its benchmark interest rates at its meeting last week. But what surprised the market was the Fed’s paring back of rate forecasts for 2017 and 2018.
Resort Savers Inc. (OTCPK: RSSV) shares are tracking gains in the broader market today.
Based in Shenzhen, China, Resort Savers makes investments and acquisitions into markets and industries across the world. Xing Rui International Investment Holding Group Co., Ltd. is a subsidiary of the Company.
The Company, through Worx America, Inc., designs automated solutions for industrial, environmental and energy industries to manage efficiency and systems output. In China, the Company invests in companies with petroleum industry technologies for installation and distribution throughout the Greater China market.
RSSV shares are gaining in trading today after the company announced its financial results for the first quarter of its fiscal 2016. The company registered significant year-over- year growth in revenue in the first quarter.
Revenue for the first quarter came in at $22 million for the quarter ended April 30, 2016. For the same period last year, RSSV did not have any revenue. All of the revenue came from Beijing Yandong Tieshan Oil Products Co., Ltd., which was acquired in late January 2016.
Beijing Yandong Tieshan Oil Products is the 51% owned oil products subsidiary of the Company's wholly-owned subsidiary, Xing Rui International Investments Holding Group Co., Ltd.
Zhou Gui Bin, CEO at Resort Savers, said that RSSV successfully transitioned Beijing Yandong Tieshan from a private to a publicly held Company in Q1 2016 and the results suggest a turning point for both entities that will result in profits in the coming quarters and for the year.
RSSV expects Beijing Yandong Tieshan Oil Products to achieve sales revenue of RMB$600 million ($91.2 million U.S.) and profit of RMB$42 million ($6.37 million U.S.) for the full-year 2016.
RSSV shares closed 2.56% higher at $0.400, however shares continue to trade near the lower band of its 52-week range suggesting that investors remain skeptical of the Company’s new growth trajectory.
