DroneShield shares rally 18%
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The news: Counterdrone technology manufacturer DroneShield's share price surged despite there being no updates from the company.
The numbers: At 2:45pm AEST, shares in DroneShield had soared 18% to $4.40 and were up 487% in the year to date.
The context: On Friday, Bloomberg reported that Australia’s best performing defence industry stock was also the best defence industry stock in Asia amid increasing use of drones in war zones and as broader geopolitical tensions spurs military spending.
DroneShield has posted several multimillion dollar contract wins this year, including with Australian, European, US and Latin American defence customers. It also recently hit a milestone of more than 4,000 systems sold worldwide earlier this month.
The company is also planning to establish a second research and development location in the US, expand its Australian production facility and has opened an office in Europe.
The source: Bloomberg
