Rakon shares down after odd 40% spike
Following a 42.5% January spike in Rakon's share price, and a subsequent NZX 'please explain', the company's share price has dropped slightly.
Following a 42.5% spike in January in Rakon's share price and a subsequent NZX 'please explain', the company's share price has dropped slightly.
Between January 4 and January 27, Rakon's share price [NZX:RAK] rose from 47c to 67c, an increase of 20c or 42.5%. The NZX accordingly asked Rakon to advise whether it continued to comply with Listing Rule 10.1.1, or continuous disclosure, NBR reported.
Chief financial officer Graham Leaming replied the company was compliant and chairman Bryan Mogridge told NBR he did not know why the share price had risen.
"The only reason is maybe it’s got oversold but there’s no magic bullet or big update announcement we are going to come out with,” Mr Mogridge said. Analysts spoken to by NBR were similarly opaque, saying the stock is volatile.
By end of trade Wednesday, the company's shares had dropped to 61c after a high of 65c. Volume was light- to-moderate with 196,630 shares changing hands. The company has 191,038,591 shares on issue.
Rakon's five day share chart from the NZX
Rakon's 30 day share chart from the NZX
Alex Walls
Thu, 02 Feb 2012
Thu, 02 Feb 2012
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Rakon shares down after odd 40% spike
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