Australia's Advance Braking jumps most since July 2020 on Glencore deal

Advanced Braking Technology

11/11/2022 24:34

** Shares of Advanced Braking Technology  ABV.AX  jump as
much as 34.4% to A$0.043, their biggest intraday pct gain in
more than two years
    ** The vehicle braking solutions co says it has entered a
deal with Glencore's  GLEN.L  Australia unit to develop a sealed
integrated braking system for heavy vehicles  urn:newsml:reuters.com:*:nFWN326AQO
    ** Adds Glencore will consider progressive deployment for
the system across its fleet of Volvo FMX trucks globally, if
system is tested successfully 
    ** Says potential value for development stage of the
contract is up to A$2.8 mln ($1.85 mln) over 12 months 
    ** Shares hit highest levels since July 3, 2021 
    ** Stock down 11.1% this year, as of last close
     ($1 = 1.5145 Australian dollars)
 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))