IT WILL , MARK MY WORD!
Aspire Mining receives speeding ticket from ASX after shares surge 25% under high volumes
10:30 24 Apr 2018
Management said that it wasn’t aware of any information concerning it that had not been announced to the market.
Picture of arrow trending upwards
Investors could be buying into the stock ahead of potentially market moving news with a feasibility study pending
Aspire Mining Ltd’s (ASX:AKM) share price surged 25% on Monday under record volumes.
The company’s principal activities are the development of two coal projects in Mongolia.
In the absence of any news relating to those projects, the ASX has queried the share price spike.
High-volume trading
The ASX pointed to the intra-day high of 1.25 cents, up from the previous day’s close of 1 cent, implying a gain of 25%.
Drawing further attention to the group was the fact that more than 60 million shares were traded compared with average daily trading volumes of 2.5 million shares in March.
Aspire holds no explanation
Management said that it wasn’t aware of any information concerning it that had not been announced to the market.
Consequently, this could be a larger investor taking a sizeable position in the company ahead of some potentially market-moving upcoming milestones.
Aspire is preparing to bring the Nuurstei Coking Coal Project in Mongolia's north into production following the completion of a feasibility study.
