The rise of the Sky City Entertainment Group Ltd [SKC.NZ] share price over the last month (see 1 month SKC chart above) by just over 5% is a move this stock has always made before its August full year result. On good news insiders have pumped up the share price and the inverse is also the case.
I am a shareholder and was hoping to pick up some more as the stock seemed to lose support and start to test levels of around $2.50 last seen in late 2009 (see two year SKC chart below).
As the SKC price history chart shows (see full share price data below - adjusted for share splits & other relevant data) the current share price is close to that of the share price it traded at in 2002 when profit levels were lower than they are currently and prospects for growth were looking poor and have indeed been flat for the last 6 of 8 years.
My point?
If you are looking at this stock for a short term gain things look promising for a good rise from here (depending on overall market sentiment) and longer term investors should look for possible shareprice weakness after the August 17 release of the 2010 full year result for an opportunity to buy.
The dividend for the fully year will be more than 7.5c per share, more than 10% more than last years result and possibly one impetus for the increase in share price.
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Disclosure: I own SKC shares in the Share Investor Portfolio
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