Exclusive by Patrick Avenell
Clive Peeters managing director Greg Smith has spoken today of his satisfaction at seeing the share price of his retail group back above the 10 cent mark.
“You always like to see it going in the right direction,” said Smith. “The sharemarket valuation has been unkind for some time.”
Over the last week of trading, shares in Clive Peeters have almost doubled in valued, and are now floating around the 11 cent mark. This comes after a recent nadir of 6 cents.
One of the attributing factors in this turnaround has been Smith’s proactive attitude to promote the interests of the group.
“We are on the forefront more – we haven’t been as constructive as we might have been.”
Other reasons for renewed vigour in Clive Peeters outlined by Smith include:
-A lot of staff taking an interest in the undervalued share price.
-Consumer sentiment improving, especially after the Rudd handouts, petrol price drops and interest rate reductions.
-People feeling more comfortable about the economy.
-Overall sharemarket going up.
Bouyed by the good news, Smith took the opportunity to promote Clive Peeters’ instore trading, which is pleasing news for the managing director.
“We are currently out-performing the rest of market, compared to GfK figures,” he said.
Clive Peeters was trading at 11 cents, up 14.58 per cent, shortly after 2pm this afternoon.