The Aquis Entertainment Ltd (ASX: AQS) share price has hitched a ride on a rocket today. The resort and gaming company that owns Casino Canberra has experienced a startling 365% share price increase.
Where’s the news?
Long story short, there is none, which is rather peculiar. The company’s shares experienced the same situation yesterday, with abnormally high volumes and a stark price increase. Yesterday’s rise of 216% prompted the ASX to issue the colloquial speeding ticket.
Aquis’ query response provided no additional insight, making this whole situation a bit of a mystery. The company inferred it was as clueless about the reason for the price rise as the rest of us.
With the stratospheric price rise today, it’s safe to say the ASX will be even more intrigued. To put the movement into context, the Aquis share price has nearly increased by 15 times, in the space of 3 days.
Not to mention the off-the-charts volume being experienced by the company. Today’s volume is currently around 12.5 million shares traded. The monthly average for this micro-cap share is 86,000 – mindboggling!
Keeping an eye on the Aquis share price
The ASX will be following along closely after such an abnormal increase in interest in what is a fairly inconspicuous share.
There are many possibilities for such a scenario: potentially a fund is building a position, inside buying (which will need to be disclosed), an upcoming announcement, etc.
For now, we will wait with keen interest on further developments.
At the time of writing, the Aquis share price is swapping hands for 51 cents apiece.
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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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