Mergers and acquisitions firm ILUS International Inc (OTCMKTS:ILUS) had been on the radars of many investors yesterday and had ended up clocking gains of as much as 10% for the day.
Trading Data
On Wednesday, ILUS stock gained 10.07% to $0.1410 with more than 9.57 million shares, compared to its average volume of 17.19 million shares. The stock moved within a range of $0.1281 – 0.1520 after opening trading at $0.1350.
ILUS International Confirms Middle Eastern Market Plans in Response to Increased Demand and Opening of Saudi Arabian Office, in Addition to Recently Opened Dubai Office
Yesterday, the stock rallied after it announced that due to the current high demand for rescue vehicles, higher oil prices and the building of construction projects worth billions of dollars in the Middle East, the solutions being offered by ILUS’ portfolio businesses are in considerable demand. It was a major announcement from the company and led to considerable optimism among investors, who piled on to the stock in a big way on Wednesday.
In the context of the projects in the Middle East, it may be necessary for investors to note that the company also has offices and factories in Dubai in the United Arab Emirates. Not too long ago, the company also established another office in Dubai, which can be used by a maximum of 75 employees. Hence, it can be seen that ILUS has the tools in place to take advantage of the current situation and that is what the update was actually all about. It may be a good idea to add the stock to your watch lists today.
Technical Data
ILUS stock is trading below the 20-Day and 50-Day Moving averages of $0.17 and $0.17 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.22.
