Future First Technologies Ltd (ASX: FFT) shares are skyrocketing today despite being placed in a trading halt for part of Monday's session. At the time of writing, the Future First share price has surged 26.67% higher to 9.5 cents.
This comes despite no new announcements from the company today and an enforced trading halt pending a response to the ASX's 'please explain' price query.
So why is the Future First share price exploding?
After closing Friday's session at 7.5 cents, the Future First share price surged 60% during early morning trade today to 12 cents. Considering these unusual price and volume fluctuations, the company was hit with a price query by the ASX mid-morning. In response, the company replied that it was unaware of any unannounced information that could be driving the Future First share price higher.
Following the company's response, Future First shares resumed trading and rocketed again to an intraday high of 14.5 cents before retracing back to their current level.
Interestingly, last Friday Ava Risk Group Ltd (ASX: AVA) released news regarding its 'Future Fibre Technologies' division being awarded a substantial multi-base air force contract. Given the similarity in names, this news could possibly be responsible for today's rise in the closely named, but completely unrelated, Future First Technologies shares.
In what could possibly be a case of mistaken identity, there's a chance that the rocketing Future First share price is today stealing some of the kudos surrounding Ava Risk's announcement of last week.
Company snapshot
Future First Technologies is an information, communications and technology (ICT) and digital consulting organisation with over 400 consultants.
The Future First Technologies share price has fired up more than 200% over the past 12 months. Based on the current share price, the company has a market capitalisation of around $52 million.
