Here’s why the EcoGraf (ASX:EGR) share price is storming 11% higher

The EcoGraf Limited (ASX: EGR) share price is trading 11% higher today following a positive announcement. Here’s what the company released.
The post Here’s why the EcoGraf (ASX:EGR) share price is storming 11% higher appeared first on The Motley Fool Australia. –

ASX miners record shipping cost looking excitedly at mobile phone

The EcoGraf Ltd (ASX: EGR) share price is taking off during early afternoon trade. This comes after the company announced its shares are listed on another stock exchange and have commenced trading.

At the time of writing, the graphite producer’s shares are selling for 54.5 cents, up 11.2%.

Quick take on EcoGraf

Based in Australia, EcoGraf is engaged in the exploration and development of graphite and nickel projects in Tanzania. The company uses innovative technologies to recover graphite from recycled batteries, thus reducing waste and minimising the environmental impact.

What’s pushing EcoGraf shares higher?

Investors are snapping up EcoGraf shares following the company’s listing efforts in other overseas stock markets.

According to its release, EcoGraf advised that its application to join the OTCQX market in the United States has been approved. This enables the company’s shares to commence trading at market open today under the code of ECGFF.

EcoGraf noted that its primary listing continues to be the Australian Securities Exchange (ASX). Its secondary listing is through the Frankfurt Stock Exchange (FSE).

By EcoGraf shares listing on the OTCQX, it provides access to one of the largest investment markets in the world. In addition, it allows ease of trading by investors in real-time quotes and market information.

The company highlighted surging investor interest in the electric vehicle sector as one of the reasons for joining the OTCQX. Recently, United States president Joe Biden announced plans to replace its government fleet of vehicles with electric vehicles.

Furthermore, international attention has picked up after the European Commission put forward new legislation in favourable of eco-friendly batteries. This includes improved recycling, visibility, and traceability of raw materials within the electric vehicle supply chain.

About the EcoGraf share price

Over the past 12 months, the EcoGraf share price has accelerated over 660%. These strong gains reflect growing positive sentiment among investors regarding the lithium-ion industry. Many of Ecograf’s fellow ASX-listed producers have also posted whopping gains over the same time frame.

Based on today’s prices, EcoGraf has a market capitalisation of around $247 million, with approximately 449 million shares outstanding.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Here’s why the EcoGraf (ASX:EGR) share price is storming 11% higher appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!