Hot stock: Mercurius down 9.3% after spiking 8.2% in early trade

SHARES of Catalist-listed Mercurius Capital Investment fell after spiking in early trade on Tuesday.

The shares rose to 10.5 Singapore cents as at 9am on Tuesday, up 0.8 cent or 8.2 per cent, before falling to an intraday low of 8.7 cents at 11.46am - the same price at which it eventually closed, down S$0.01 or 10.31 per cent.

It was the most actively traded counter by volume that day, with a total of 109.3 million shares changing hands.

It had resumed trading after announcing on Monday that it would be diversifying into the grocery business, with an ambition to grow into a network of over 500 stores across the region over the next three years.

The investment holding company had entered into an agreement on Monday to acquire Songmart Holdings for an aggregate consideration of S$36 million. This follows a term sheet signed in April for the proposed acquisition.