Cityneon cites positive CIMB report as reason for trading surge

CITYNEON Holdings said on Wednesday other than a positive research report on the exhibition firm, it has no other explanation for the large gain in its shares on Tuesday that prompted a query from Singapore Exchange (SGX).

Shares of Cityneon gained 5.5 per cent or 5.5 cents on Tuesday to S$1.06 on stronger-than-usual volume over the last five trading days, data from S&P Capital IQ showed.

Responding to the SGX query, Cityneon said CIMB had released a positive research report on the company on Dec 5, with a target price at S$1.41.