Stocks To Watch: Ballard Power Systems Inc [NASDAQ: BLDP] is having a good run at the moment. On Friday, the stock closed the day with gains of 7.42%, and bulls seem to be holding strong. The Fuel Cell products maker is active in pre-market trading today.
Its current momentum is driven by news that it will be included in the S&P/TSX composite index. The company has announced that this will take effect on the 23rd of September. The company CEO announced that inclusion in this Canadian index is significant to the company’s business growth. The inclusion in the S&P/TSX comes at a time when zero-emission mobility is gaining traction globally. Due to the increased demand for eco-friendly mobility, the company’s fuel cell products are growing in demand. The company expects that with this inclusion in the S&P/TSX, it will be more visible and its stock will be more liquid in the Canadian markets.
From a look at its charts, BLDP has been bullish for the better part of 2019, and has been forming higher lows. On Friday, it opened with a gap up, a positive indicator of bull strength. As news of its upcoming inclusion in the S&P/TSX filter into the market, it could gain more in the day. Volumes support the high investor interest in this stock. On Friday, it traded volume of about 3.4 million shares. In pre-market trading, it is trading above Friday’s trading range of $5.18 – $5.50, which could be a sign of increased momentum.
In the day, other factors that could impact on its price action include an overall sluggish market, due to issues in the Middle East. Crude oil is already up by roughly 9% due to the attack in Saudi Arabia, and this could create expectations of higher costs of operations for corporations.