The mining exploration and development firm Wallbridge Mining Company Limited (OTCMKTS:WLBMF) got a significant boost from the OTC Markets Group Inc on Thursday but it did not do much for the company’s stock. The OTC Markets Group announced yesterday that the company had managed to qualify for trading on the OTCQX Best Market.
Market Action
On Thursday, WLBMF stock decreased 3% at $0.4544 with more than 111k, compared to its average volume of 157K shares. The stock has moved within a range of $0.4514 – 0.4750 after opening the trade at $0.4694.
In The News
It was a significant development for the company but investors did not seem particularly enthused with the whole thing and the Wallbridge stock continued to trade within a range. The company’s stock had been uplisted from the Pink market to the OTCQX Best Market.
The stock started trading on the new exchange from yesterday and there were no fireworks on the first day either way. However, it is going to be interesting to see if the stock eventually breaks out or not and that is possibly the reason why investors could do well to keep the stock on their watch lists at this point in time.
The upgrade is an important one since companies listing on OTCQX Best Market are generally known for providing more transparency to inventors and the possibility of attracting more investors is always there.
Key Quote
Marz Kord, CEO of Wallbridge, commented: “trading on the OTCQX Market will broaden access to the Company’s common shares to a range of US-based institutional and retail investors as Wallbridge continues to advance its flagship Fenelon Gold property and other projects in Quebec and Ontario.”
Traders Note
WLBMF stock is trading below the 20-Day and 50-Day Moving averages of $0.44 and $0.44 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.48. The stock is down 26% so far this year.
 Stock Continues to Trade in a Narrow Range){kind=link}