This morning investors could do well to consider taking a look at the Gold and Gemstone Mining Inc (OTCMKTS:GGSM) stock after it emerged as one of the notable gainers on Wednesday and ended up with gains of as much as 25%.
Trading Data
On Wednesday, GGSM stock gained 25% to $0.0020 with more than 80.05 million shares, compared to its average volume of 11.67 million shares. The stock moved within a range of $0.0016 – 0.0025 after opening trade at $0.0019.
Gold and Gemstone Mining, Inc. Sets sail with New Government contracts and Building Construction of 2 new Resorts in the Mentawai Islands
The company announced yesterday that it had managed to bag new government contracts and the operations through its Cargo Boat Murni had also gone up. Those were both critical announcements and the rally in the stock was perhaps not a surprise. Cargo Boat Murni is at the PedangHarbor in Sumatra and has the capacity of hauling as much as 200 tonnes of building materials at any given time.
It is necessary to note that the cargo boat business has been growing at a remarkable rate in recent years since building and land development activities are growing. The construction sector in Indonesia is expected to clock yearly growth rates of 7% to 8% a year in the foreseeable future.
The boat is engaged in hauling construction cargo for resorts and also as part of the government contracts that are in place already. It may be a good idea to add Gold and Gemstone Mining to your watch lists.
Technical Data
GGSM stock is trading below the 20-Day and 50-Day Moving averages of $0.20 and $0.24 respectively. However, the stock is trading below 200-Day moving average of $0.23.
