As you can tell from the 1 year Freightways Ltd [FRE.NZX] chart above the share price of the company hasn't moved much in the last year. The stock is well off $2.62c lows reached in July 2010 and has been an erratic beast for the last year.
Like most other NZX stocks over the last year it is up on more positive economic sentiment but the reason why I have included it in today's post is that the stock has put on almost 10% in value over the last 2 weeks. The stock has risen from just over 3 bucks to close at $3.28 yesterday.
This is on no material news at all in March but on a big spike in trading at the beginning of the month. Who was buying on that day I don't know but the stock has rallied over 8% post that trading day.
The positive result out in mid February had an impact on share price at the time but the share price drifted down through the first part of March.
$3.30 seems to be the price ceiling for this stock of late and I think investors might want to wait if they wanted to add this stock to the portfolio because it could come back as the economy bites again mid Winter on this bellweather company.
Buy on weakness.
Disc I own FRE shares in the Share Investor Portfolio
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c Share Investor 2011
