By Patrick Avenell
SYDNEY: Harvey Norman’s recent trading highs have not gone unnoticed by the Australian Securities Exchange (ASX), with the retail group this morning answering questions as to its recent trading.
The ASX enquiry was initiated after shares in Harvey Norman rose from its $2.96 close on 1 May to $3.41 midway through yesterday, 5 May 2009. This 15 per cent jump over less than three days raised eyebrows at the ASX, who promptly shot a letter off the Harvey Norman requesting an explanation.
Whenever there are such dramatic rises or falls in prices, the ASX launches these queries, with the latent suspicion that there is information circulating influencing trading that had not yet been made public.
Harvey CFO and company secretary Chris Mentis responded to the ASX’ inquiries in the negative.
“No, the Company is not aware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company,” wrote Mentis to the ASX.
When asked if he had any idea of direct factors influencing trading of shares in Harvey Norman, Mentis again said that he did not.
Shares in Harvey Norman closed yesterdat at $3.33.