Blumont rallies after crashing to May low

SHARES in Blumont Group shot up 43 per cent on the back of heavy trading yesterday to become Singapore Exchange's most actively traded stock. The counter closed at 5.3 cents, up 1.6 cents, with almost 220 million shares changing hands.

Blumont, a products sterilisation company turned mining holding company, joined fellow penny counters LionGold Corp and Asiasons Capital in a revival since May 14, when all three stocks bottomed together.

Investor and stock activist Mano Sabnani, who does not hold any positions in the three, told The Business Times that there could be speculation that the investigations by the Commercial Affairs Department into trading activities involving these counters might result in actions against individuals instead of the companies as some had feared.