Australia's X2M Connect jumps on $175 million data centre project deal

X2M Connect

Yesterday 04:16

** Shares of X2M Connect X2M.AX rise as much as 49.8% to A$0.006, marking their biggest intraday pct gain since August 27
** Shares hit their highest level since October 5
** Tech services firm signs exclusivity agreement with a Queensland developer for a proposed 10MW AI-enabled data centre project; co did not identify the developer
** Co says facility has an estimated project cost of A$250 million ($175.45 million) and will be delivered under its managed delivery service
** Nearly 109.1 million shares change hands, about 4.8x the 30-day average
** X2M up 11.1% so far this week 
** YTD, stock down 37.5%, including session's moves 
($1 = 1.4249 Australian dollars)

(Reporting by Subhalakshmi Dey in Bengaluru)
((Subhalakshmi.Dey@thomsonreuters.com;))