Hot stocks: Yangzijiang counters pulled in opposing directions amid heavy volumes
Both companies are the top two most actively traded names on the SGX
SHARES of Yangzijiang Shipbuilding and its listed subsidiary Yangzjiang Financial were trading divergently as shares of both counters were heavily transacted by volume on Friday (Sep 27) morning.
As at 10.55 am, index counter Yangzijiang Shipbuilding fell S$0.17 or 6.3 per cent to S$2.51 after 26.8 million securities changed hands.
The group’s last public announcement made on the Singapore Exchange (SGX) took place on Sep 12, regarding its planned acquisition of a 34 per cent stake in a Chinese subsidiary of Japanese shipbuilder, Tsuneishi Group, for 833.1 million yuan (S$152.6 million).
As at 10.46 am, mainboard-listed Yangzijiang Financial rose S$0.025 or 6.9 per cent to S$0.385 – its highest level in the year to date. About 28 million of its shares were traded at the time.
The company’s latest bourse filing was an Aug 14 replacement announcement for its interim half-year results, which were released the day prior.
By 11.45 am, shares of Yangzijiang Shipbuilding rebounded to S$2.55, down S$0.13 or 4.9 per cent. The group’s spun-off investment arm’s share price eased slightly to S$0.38, up S$0.02 or 5.6 per cent.
Both companies were the top two most actively traded names on the SGX in terms of volume, at amounts exceeding well over 33 million each.
No married deals took place in early trade for either counter, according to ShareInvestor data.
