One of the biggest movers on the market today was the Wellard Ltd (ASX: WLD) share price.
The agribusiness company’s shares finished the day 16% higher at 14.5 cents.
Why did its shares jump higher?
This morning Wellard announced that it has agreed commercial terms for its historic first shipment of beef cattle to China.
Approximately 2,000 cattle will be loaded for the shipment from south east Australia and supplied to Rongcheng HCMH Trade and Service Company.
Although this is a relatively small shipment, it is the largest of its type to date and is a big step forward for the company.
Management believes that China offers significant potential for Wellard and remains confident that this first shipment will pave the way for the development of a more regular trade.
This news will no doubt be a welcome relief for shareholders, year-to-date Wellard’s shares are down 33%.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.