Sky City Entertainment Group Ltd [SKC.NZX] shares have put on more than 10% since last Friday when a positive first quarter 2011 market update. It was trading at $2.90 the day before the news and traded at $3.20 at close of business yesterday. (see one month chart above)
I am a bit annoyed because I am a long term shareholder, I know things are going well for the company and the share price was looking like weakening before this positive news. I was hoping to buy more with the Share Investor Portfolio dividend pool.
Be that as it may the rally in the share price looks to be a sustainable one, at least for the short term. I say this because the first day of trading after the news volume was well up on the average and has increased steadily since then and thus far has peaked at just over 8 million shares traded yesterday. Nearly $50 million in shares have been traded in the 4 days since, compared to $12 million in the 4 days prior.
Depending on the fallout from today's Fed quantitative easing, it is looking like another positive day for the stock again today.
For those of you into this stock short term, watch for the volume movement to give you an indication of when to bail.
Looking like a great update for the portfolio update on Monday.
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Discuss SKC @ Share Investor Forum
c Share Investor 2010
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