By Patrick Avenell
SYDNEY, NSW: Clive Peeters shares have exploded in trading today like a colt breaking from the barriers to run the Caulfield Guineas. After over two weeks of suspended trading due to the investigation of the misappropriation of funds, Clive Peeters opened at 17 cents, but within 30 minutes had jumped almost 50 per cent to 25 cents.
This newfound enthusiasm for the retail group can be attributed to the market’s acceptance of a new and real explanation for the poor trading performance over the past two financial years. Although Clive Peeters will still realise a financial loss as a result of its wayward staff member’s embezzlement, the knowledge that such a large sum of money had been stolen, rather that lost through poor business practise, has appeared to reinvigorate the market’s interest in the group.