Two firms’ share prices soar unusually

The share prices of Sonargaon Textiles and Legacy Footwear have surged significantly, rising by 79% and 83% respectively, despite the absence of any material information or official announcements that would justify such substantial increases.

Today, both companies replied to the stock exchange query that they have no undisclosed price-sensitive information for recent unusual price hikes and increases in the volume of shares, according to the stock exchange disclosure.

On Tuesday, the Dhaka stock exchange issued query letters to the companies to seek a reply about the share price hike.

According to the Dhaka Stock Exchange (DSE), in October last year, the share price of Sonargaon Textiles hit its recent low at Tk17.70.

However, the price has been rising unusually and recently reached Tk31.70. Yesterday, the share price closed at Tk31.17 on the DSE.

In the July to September quarter of the current fiscal year, its earnings per share stood at Tk0.02, a loss of Tk0.08 in the same period of the previous fiscal year. Its net asset value per share stood at Tk19.33 end of September 2024.

In FY24, the company's board of directors recommended a 1% cash dividend for their shareholders.

In October last year, the share price of Legacy Footwear hit its recent low at Tk34.60. However, the price has been rising unusually and reached Tk63.30 yesterday on the DSE.

In the July to September quarter of the current fiscal year, its loss per share stood at Tk0.01, a loss of Tk0.09 in the same period as the previous fiscal year. Its net asset value per share stood at Tk11.16 end of September 2024.

In FY24, the company's board of directors recommended a 1% cash dividend for general shareholders, excluding sponsors and directors.