Harvey Norman responds to ASX query over surge in share price

Harvey Norman yesterday shrugged its shoulders in response to a query from the Australian Securities Exchange (ASX), saying it didn’t know what caused the recent increase in its share price.

The ASX questioned what caused Harvey Norman shares to increase from $3.47 on 9 January 2015 to $3.78 yesterday. Harvey Norman stocks closed even higher yesterday at $3.96 a share.

Company secretary Chris Mentis responded to the ASX inquiry stating that the company “is not aware of any information that has not been announced to the market which, if known by some in the market, could explain recent trading in its securities.

“The Entity has no explanation for the recent trading in its securities (as described in your letter).”

Chairman Gerry Harvey told Fairfax that the business had enjoyed a strong Christmas and New Year period and was positive about 2015.

“The stock is up [yesterday] morning and we got a call from the ASX asking us what it was all about. The big sales increase was in the December-January period. It’s only a week, and there are 52 weeks in a year, but it’s a positive sign.”

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