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Hot stock: Creative stock nearly doubles, company responds to SGX query
CREATIVE Technology's counter nearly doubled in price on Friday afternoon as the stock surged 98 per cent as at 2.56pm to S$2.48 a share.
That price is now the highest the stock has been since April 2014, when it reached S$2.50.
The homegrown electronics manufacturer's stock jumped in early trading on Friday morning, prompting the Singapore Exchange to issue a query.
In response, the company said that it is not aware of any material information concerning the company, its subsidiaries and associated companies which could explain the price movement.
However, it did mention a story reported in The Business Times on Thursday that Creative is bringing '3D' sound to headphones with its "Super X-Fi" technology designed to transform how listeners hear music, after US$100 million in R&D spending.
"Besides that, the company is not aware of any other possible explanation for the unusual price movements in the company's shares," Creative said.
Creative posted a net loss of US$4.2 million earlier in February for the second quarter ended Dec 31, easing from a US$6.5 million loss a year ago.
Turnover dipped 6 per cent to US$20.9 million for the quarter, due to the "uncertain and difficult market conditions" which continued to affect the sales of the group's products.