Yeah...talk about screwy trading. It closes at 0.40 on Friday and then all of a sudden, out of nowhere, it opens at 0.75 today.
In speaking with my broker, he said there were no releases. I didn't receive anything from Canada Stockwatch, either. He thought that, since the open orders were automatically cancelled as of the end of the month and that, if traders wanted the stock, they had to reinstate their bids today, that this could have put upward pressure on the stock.
I called MGD offices. I voiced my concern about the trading and asked if there was any news. The receptionist said no. I asked if the company had been contacted by the VSE. She indicated that some of the directors were with the lawyers and talking to the VSE. She referred me to their IR firm (Spectrum).
I called them and they indicated that nothing was going on (Sure!!) Anyhow, they indicated that they were getting ready to commence exploration on their property in Zimbabwe, but that this would not be occurring for another 30 days.
When asked for any speculation as to the cause of the stock action, he said that the stock had been oversold and that, if a stock could "go down 50% in one day, that it could go up 50% in one day".
I don't know, it sounds pretty fishy to me. I know that this doesn't shed any light on the subject, however, that's all I could find out. |
