Rakon shares still down after odd 40% spike
UPDATED: After a spike of 40% in share price which prompted an NZX 'please explain' in January, Rakon shares had fallen back to 58c in early afternoon trading.
UPDATED: After a share price spike of over 40% which prompted an NZX probe in January, Rakon shares were settling back down on Wednesday.
On Wednesday Rakon shares [NZX: RAK] were down 4.92% in early afternoon trading to 58c.
The spike in January, where Rakon shares rose 42.5% from 47c to 67c between January 4 and January 27, prompted the NZX to ask Rakon to advise that it continued to comply with the continuous disclosure listing rule, NBR reported.
Rakon advised it was compliant and chairman Bryan Mogridge told the National Business Review that the company had "no clue" as to why the spike occurred, apart from that it perhaps got oversold.
Rakon's share price has declined since January 27, holding at 61c from Febuary 3 to Febuary 7 until Wednesday's slide to 58c.
Rakon's share price over 30 days, from NZX.com
Alex Walls
Wed, 01 Feb 2012
Wed, 01 Feb 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Rakon shares still down after odd 40% spike
18757