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Hot stock: Lifebrandz stock seesaws on heavy volume ahead of Q1 results
MAINBOARD-LISTED lifestyle group Lifebrandz told the Singapore Exchange (SGX) that its first-quarter results announcement is pending, but otherwise it has no undisclosed information that could explain the stock's unusually high volume and volatile trading on Tuesday.
The stock was indicated at five Singapore cents as at 12.43pm, down 9.1 per cent on the day, with 31.2 million shares traded before the mid-day break. The stock had gone as high as six Singapore cents and as low as 4.7 Singapore cents earlier in the day.
The number of Lifebrandz shares that had been traded as at noon was more than the full-day volume for every day since July. The three-month average daily volume of the stock before Tuesday, when 30 million shares traded, was 293,750 shares, according to data from ShareInvestor.com.
In response to a trading query by SGX, Lifebrandz said that, other than the pending quarterly results for the three months ended Oct 31, the company was not aware of any information, disclosed or otherwise, that could explain the unusual activity in its stock.
In June, the company was issued a similar query after its shares shot up S$0.015 or 45.4 per cent to S$0.048. The company's reply then was that it did not know of reasons for the jump, though it later responded to a Business Times article which said that the trading interest could have been because of rumours of a reverse takeover.
In that response, Lifebrandz noted that it had recently undergone a restructuring and with the appointment of Saito Hiroyuki as the executive chairman and chief executive officer, said that it is "cautiously exploring business opportunities to position and transform" the company's business direction, adding that announcements will be made when necessary.