Fresh produce company Turners & Growers is mystified by a spike in its share price which has followed a jump in buying last week.
NZX data showed more than 222,000 shares changed hands on a single day last week at below $2.50.
That was the highest daily turnover
by far since early last month.
The price climbed as high as 25c to $2.75 yesterday before ending the day up 20c at $2.70. But volume was low at 27,000 shares.
The $2.75 price compared with a high of $2.80 and a low of $2 in the past year, while net tangible assets were at $2.73, NZX data showed.
Turners & Growers chief financial officer Paul Alston said yesterday the company - about 60 per cent owned by GPG - was not sure of the reason for the price spike or who was responsible for last week's buying.
"We haven't heard anything."
Brokers contacted yesterday were also puzzled.
Alston suspected the spike might be because the stock was not very liquid.
In its most recent half-year report, Turners & Growers recorded a 22 per cent lift in unaudited pre-tax profit to $7.2 million for the six months to June last year.
