Somehow the recent meteoric rise in New Zealand Stock Exchange Ltd [NZX.NZX] has passed me by.
In the last 10 days alone NZX shares have added 49c or 30% and are well off a 52 week low of $1.39 reached back in September 2010.
Quite honestly I am scratching my head as to why this might be.
The 2010 full year net profit result was underwhelming and the outlook isn't as near as promising as the share price might indicate.
The stock is thinly traded, with mostly brokers holding the bulk of shares but clearly the share price has gotten away from the realities of company performance and its current price might be a good place to say goodbuy.
A 30% rise in share price is not a sustainable one.
For short-term investors you might want to sell for a quick buck and for those of you wanting this stock for your long-term portfolio best be patient and wait for the share price drop.
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c Share Investor 2011
