Meteoric RFG hike raises eyebrows

THE ASX has issued a “please explain” to Retail Food Group, after the embattled company’s share price jumped 13c in a single day’s trade.

RFG shares have hovered just above 40 cents in recent weeks, but shot up by 59 per cent over four days to close at 67c on Wednesday. The price rose 13c in a single day’s trade on Tuesday.

It dived by almost 15 per cent yesterday after questions were asked of its meteoric hike – plummeting 10c to 57c by 2pm and closing down 12.69 per cent at 58.5c.

The ASX issued a price query to the company late on Tuesday, asking whether it was aware of any information concerning it that had not been announced to the market which could explain the recent trading in its securities.

In its response announced to the exchange, RFG replied “no”.

“RFG is not aware of any other explanation for the recent trading in its securities,” the company’s brief statement said. “RFG confirms that it is in compliance with the listing rules.”

This time last year, shares in the company were trading above $5, while three years ago they hit $7.30. The company has flagged a net loss of $87.6 million for the financial year.