NZ Stock Exchange asks for reason behind 15% rise
The New Zealand Stock Exchange has written to hard coking coal miner, Pike River Coal, asking it to explain at 15% rise in its share price.
The exchange wrote to Pike River after shares rose 14.74% to $1.09 on Wednesday; however, managing director Gordon Ward has said that there was no material information that could be released to explain the rise. The shares rose again on Friday, up 4.5% to $1.14. Analysts suggested that bids for Australia’s Macarthur Coal, a rise in coking coal prices and a shift to quarterly rather than annual contracts were possible reasons behind any increase in the share price.
In March Pike River exported its first shipment of coking coal to India and aims to produce 1 million tonnes of coal per year.
No comments:
Post a Comment