Cavalier asked to explain 27% share price jump
The NZX has written to Cavalier Corp asking the carpet maker for an explanation for a 27% jump in its share price in under a week.
Hot Topic
EARNINGS
The NZX has written to Cavalier Corp [NZX: CAV] asking the carpet maker for an explanation for a 27% jump in its share price in under a week.
In its letter, the NZX says the Auckland-based manufacturer's share price has increased from 59c at the market close on the April 6 to 75c at 11am this morning, an increase of 16c. The stock market operator asked the company to advise whether it continued to apply the listing rules demanding continuous disclosure of information that could affect its share price.
In its response, Cavalier said it continues to meet its obligations. The only thing it was aware of was a report published by Vulcan Capital on April 7, which advised investors to buy the shares at 57c.
Shares in Cavalier have fallen back slightly since this morning and are currently trading at 73c a share. They have risen 14.7% since the start of the year and are up 41% on a year ago.
(BusinessDesk)
Edwin Mitson
Tue, 12 Apr 2016
Tue, 12 Apr 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Cavalier asked to explain 27% share price jump
57238