Abaxx Technologies Launches Gold Singapore Futures with Active Trading

Abaxx Technologies Inc ( (TSE:ABXX) ) has issued an announcement.

Abaxx Technologies Inc. has announced the successful launch and active trading of its physically-deliverable Gold Singapore Futures contract, which is the only U.S. dollar-denominated gold futures contract based in Singapore. This product aims to provide a regionally relevant tool for price discovery, hedging, and delivery, catering to refiners, industrial consumers, banks, and physical traders in Asia. The launch comes amid record-high gold prices and increasing demand for regional price transparency. The contract saw participation from eight market makers across Singapore, Hong Kong, London, and Thailand, with more expected to join, indicating strong interest and potential growth in the market.

Spark’s Take on TSE:ABXX Stock

According to Spark, TipRanks’ AI Analyst, TSE:ABXX is a Neutral.

Abaxx Technologies Inc. has strong revenue growth and a solid balance sheet, but it remains unprofitable with negative cash flow, significantly impacting its financial performance score. Technical analysis points to a stable stock price without significant upward momentum. Valuation metrics are poor due to negative profitability. However, strategic corporate events positively influence the overall score by enhancing financial stability and market potential.

To see Spark’s full report on TSE:ABXX stock, click here.

More about Abaxx Technologies Inc

Abaxx Technologies Inc. is a financial software and market infrastructure company focused on developing tools and technologies for smarter markets. They are the majority shareholder of Abaxx Singapore Pte Ltd., which owns the Abaxx Commodity Exchange and Clearinghouse. Abaxx is involved in creating market infrastructure for the energy transition and modernizing physical gold trading through their Abaxx Spot platform.

Average Trading Volume: 193,538

Technical Sentiment Signal: Buy

Current Market Cap: C$61.56M

See more data about ABXX stock on TipRanks’ Stock Analysis page.