Australia's EcoGraf jumps on deal to supply battery material to POSCO

Posco International

31/05/2023 06:57

(Updates share moves and volumes)
    ** Shares of EcoGraf Ltd  EGR.AX  rise as much as 26.7% to
A$0.190, posting their biggest intraday gain since Sept. 29,
2022
    ** Shares pare most gains to trade up 10% at A$0.165
    ** Graphite producer says it signed a non-binding
cooperation agreement with South Korea's POSCO International
 047050.KS  
    ** Under the deal, EcoGraf will supply POSCO with battery
anode material products for an initial term of ten years from
the commencement of production
    ** EGR stock hits highest level since May 4
    ** About 1.7 mln shares change hands, vs 30-day average
volume of ~700,000 shares
    ** Stock down ~32% YTD, as of last close

 (Reporting by Ayushman Ojha and Harish Sridharan in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))