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Here’s Why Symphony (SYM) Shares Surged 10.2% Today

Simon Mugo trader
Updated 19 Oct 2020

Practice Stock Trading
Symphony environmental

Shares of Symphony Environmental Technologies plc (LON: SYM) today surged 10.2% after the company revealed that it is now a technology partner of Uno, Turkey’s largest baking company.

Uno chose to use Symphony's d2w technology for its packaging materials despite the fact that Turkish law does not require the bakery to use biodegradable packaging for its products.

Symphony noted that packaging made with d2w can be recycled if facilities are available, but if it escapes collection and ends up in the environment as litter, it will degrade and biodegrade in a continuous, irreversible and unstoppable process, in the same way as nature's wastes and much faster than regular plastic.

Michael Laurier, Symphony’s CEO said: “Both Symphony and Uno are committed to a circular economy, but packaging which escapes into the open environment cannot be collected for recycling, composting, landfill, or anything else. It is essential therefore to make it with d2w technology so it will become biodegradable and be recycled back into nature,” Laurier said in a statement.

Symphony environmental share price

Tradingview chart of SYM share price 19102020

Symphony Environmental shares today surged 10.2% to trade at 25.8p having risen from Friday’s closing price of 23.4p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading