Audio playback expert Toumaz (LON:TMZ) is teaming up with US tech giant Google to expand its product portfolio.
Toumaz will use Google’s Cast-for-Audio technology, an online platform which allows users to stream music services including Pandora and Google Play Music from the cloud to Cast-enabled speakers, in its new range of product solutions.
The technology will allow businesses to build devices, such as Wi-Fi speakers, quickly with less emphasis on in-house engineering teams.
Anthony Sethill, CEO of Toumaz said: “Our co-development agreement with Google will provide a major boost to our connected audio business in 2016 and beyond.
“The key advantage of the system is that it allows users of multiple music services to stream audio through any set of Cast-enabled speakers, without being tethered to the mobile device.”
Shares climbed 20% to 4.49p today on the news.
In bigger news, the FTSE 100 was 26 points higher at lunch to 6,780, a welcome rebound after recent falls.
In Europe, Greek prime minister Alexis Tsipras is heading to Brussles to hold talks with German Chancellor Angela Merkel and the French president François Hollande.
Reports say his most recent proposals had made little difference and the sentiment somewhat subdued markets today.
France’s Cac 40 ticked 30 points higher to 3,779 while the Frankfurt-based Dax climbed 66 points to 5,841.
Meanwhile, in the UK, George Osborne’s annual Mansion House speech will command much of the attention today with a commitment to make a budget surplus the norm when the UK economy is growing, according to reports.
In equities, Standard Chartered (LON:STAN) led the FTSE 100 higher.
The Asia-focused bank was higher on speculation it will move its headquarters away from the UK after HSBC (LON:HSBA) said yesterday it was still reviewing whether or not to move. Shares gained 5% to 1,086p.
Meanwhile supermarket giant Sainsbury’s (LON:SBRY) released first quarter results which showed sales were better than expected despite falling. Shares rose 4.8% to 261p.
Unfortunately, someone has to come last and today it was engineering company Weir Group (LON:WEIR).
Chief executive Keith Cochrane said the second quarter “is proving to be very challenging” sending shares 2.2%, or 42p, lower to 1,880p.
Away from the index, FirstGroup (LON:FGP) hailed a shake-up of its UK bus operations for higher annual profits as it announced the departure of its finance chief. Shares rose 5.7% to 613p.
In small caps, reach4entertainment (LON:R4E) led the risers after it restructured and paid off its £14.7mln loan facility with AIB. Shares jumped more than 61% to 2.3p.
On the flip-side, Light emitting diode (LED) designer Dialight (LON:DIA) was the biggest faller of the day.
The company said revenues for the first quarter exceeded expectations but warned it has suffered from a recent reduction in orders. Shares dropped a third in value to to 491p.