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Cavalier asked to explain 27% share price

NZN 12/04/2016 Edwin Mitson

The NZX has written to Cavalier Corp asking the carpet maker for an explanation for a 27 per cent jump in its share price in under a week.

In its letter, the NZX says the Auckland-based manufacturer's share price has increased from 59 cents at the market close on the April 6 to 75 cents at 11am on Tuesday morning, an increase of 16 cents.

The stock market operator asked the company to advise whether they continue to apply with the listing rules demanding continuous disclosure of information which could affect the share price.

In its response, Cavalier said it continues to meet its obligations. The only thing it was aware of was a report published by Vulcan Capital on April 7 which advised investors to buy the shares at 57 cents.

Shares in Cavalier are currently trading at 73 cents a share. They have risen 14.7 per cent since the start of the year and are up 41 per cent on a year ago.

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