Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Getech Group (LON: GTC) are climbing after the company revealed it has made a “significant” sale of its geoscience data and a regional study package.
The company, which provides geoscience data, software and analytic products and services to the energy industry, said the value of the package is $536,000.
The sale is expected to be fully recognised in the current financial year, with the company continuing “to trade in line with current market expectations for FY2021.”
“Getech's geoscience data, which includes gravity and magnetic data that we have gathered over decades, are a unique and proprietary resource that underpin our knowledge and analytic products and services,” said Getech's CEO, Jonathan Copus.
“We expect increased demand for our geoscience data, software and analytic products as both existing energy and natural resource customers and new customers work to decarbonise the energy sector,” he added.
Following the announcement, Getech's share price is up over 2% at 25p, adding to their year to date gains of 96.7%.
Getech shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Getech shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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