Credit Corp stock price hike in spot

By FRANK ASAELI
THE significant increase in Credit Corp’s stock price since being split on a one-for-six basis has alarmed the Port Moresby Stock Exchange, noting that the price movement is “unusual”.
This prompted the local bourse to ask the Credit Corp if it (PoMSOX) was aware of any information regarding the company that had not been announced, which could explain the stock price increase in recent trading.
POMSox listing manager Vincent Ivosa said in an announcement yesterday there existed “an unusual trading pattern of the price movement since the share split”.
“We have monitored the increase since Sept 7 and noted that the price change was inconsistent with recent trading history of the stock prior to Sept 7,” he said.
Mr Ivosa said if Credit Corp was unable to respond and an announcement cannot be made immediately, then the company should consider a request for a trading halt in the company’s securities.
He stressed the halt cannot extend past the commencement of normal trading on the second day after the day on which it was granted.
Since commencement of trading under the new price, the price of Credit Corp’s securities had risen from K1.06 last Sept 3 to K3.72 last Nov 12, reflecting an increase of K2.66 or 251% that is “considered to be a large increase in price during the period”.
It was noted that as of Sept 7, share prices