NetComm jumps to 4½-month high
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NetComm Wireless (NTC) is the second best performing stock on the Uncapped 100 this morning after it announced a strategic deal with Vodafone Qatar.
The stock jumped 1 cent, or 4%, to retest its 4½-month high of 26 cents after the machine-to-machine (M2M) wireless equipment maker said it will deliver solutions to the telco to help extend its Smart City applications for remote monitoring and management. These applications include smart metering, mobile medical devices and intelligent transport systems.
The partnership is the first major development under NetComm’s agreement with Vodafone Global Enterprise, which will see NetComm provide critical equipment to Vodafone’s global networks.
The current financial year is a game-changing period for the company after it repositioned itself in the M2M space. Management will need to show evidence at the next reporting season in February that this strategy is paying off if it wants to enjoy ongoing support from investors.
NetComm has doubled in value over the past 12-months.
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