Golden Energy surges after broker starts coverage

Singapore

SHARES in coal miner Golden Energy and Resources surged as much as 10 per cent on Thursday in intra-day trading, after a local brokerage initiated coverage on the stock and said its share price could almost double in a year.

The stock eventually ended the day at 51 Singapore cents, still 7.4 per cent higher than its previous close. Some 17.3 million shares changed hands - almost five times the average trading volume of 3.5 million shares in the past three months - making it one of the most active counters on the Singapore Exchange.