Aker Carbon Capture ASA stock (OTCMKTS:AKCCF) rose 12.2% during its trading session on Monday to reach a nearly one-month high at $1.94. The company is currently trading at $1.88 near the level it did when the market opened today.
One of the reasons for this uptake is the fact spreading across markets that we might have already seen the bear market bottom. There was also a case for optimism on Friday, when all three major indexes gained more than 1% as investors dialed back their expectations for a full-point rate increase by the FED to fight rapid inflation.
The stock market rebound might be experiencing pressure from earnings results and in particular continued recent announcements from big tech companies about slowing down hiring and spending next year as the economy wanes.
Investors are also digesting the latest earnings results posted by Aker Carbon Capture on half-year 2022 and Q2 2022. They showed improved performance in terms of net loss and revenue, as well as progress on key projects like Brevik carbon capture and storage (CCS), Twence carbon capture and utilization (CCU), and Net Zero Teesside Power.
The chart is also showing the stock could be moving uncertainly in an upward trajectory in the medium-term in an attempt to test all time highs at $3.91. Next immediate resistance would be $2.80 or April 2022 high.
The company provides products, technology, and solutions within the field of carbon capture in Norway and internationally. Its core technology involves a mixture of water and organic amine solvents to absorb the CO2 that can be applied on emissions from various sources. As carbon capture projects are spurring internationally, Aker Carbon Capture stock is expected to grow on partnerships that would utilize its technology to reduce carbon emissions of heavy industries.