Hot stock: Oceanus hits record high of 6.9 S cents amid Reddit speculation

SHARES of Oceanus Group briefly reached 6.9 Singapore cents on Wednesday, the highest level they have traded at since 2012.

As at 9.02am, the watchlisted seafood supplier was trading 0.2 Singapore cent or 3 per cent higher after some four million shares changed hands. The share price then eased slightly to an intraday low of 6.5 cents at 10.16am, before rising back up to trade flat at 6.6 cents as at 11.32am.

No married deals were recorded in early trade, according to ShareInvestor.

An online Reddit post submitted on Jan 31, 2021 highlighted Oceanus as a "great growth potential stock" for its increasing profits, large market share and its pending application to exit the Singapore Exchange (SGX) watchlist this coming April.

It also suggested a positive outlook for the group's Q4 FY2020 results, which are due to be released sometime in February 2021.

The post has since generated a 35-comment discussion as at 11.41am on Wednesday.

The shares have been steadily climbing since the group was last queried by SGX for "unusual price and volume movements" on Jan 21 after it achieved a then-record of 5.3 cents.

In its response, Oceanus cited an unnamed stockbroking firm's internal non-rated report issued on Jan 20 as a possible reason, which according to The Business Times could have referred to a report issued by UOB Kay Hian.

Aside from a "strong turnaround" that Oceanus had undergone since chief executive Peter Koh took over in December 2014, the report opined that the recent setting up of Season Global, the group's distribution business, would enable Oceanus to "penetrate China and deliver exponential growth". The group's expansion into high-tech farming would help it build regional presence, it added.

READ MORE: Singapore market unlikely to mirror GameStop frenzy: market watchers