SSX News Release: Market Summary for March 23, 2005
Wed 5:58 ET
by: Mordechai Antal
Stock prices continued to rise for the second straight day has the bulls shoot ahead of the bears during a late trading rally. Positive Purim announcements contributed to a strong showing among the remaining companies as demand outpaced supply with the overall market making its biggest one day rise this session.
Six more teams saw their shares sell out in second day trading action. The most active stock's of the day were Aloha Smoothies (SMO), La Petit Poutinerie (LPP), Loco for Coco (LOC), Sweet Thangs (SWT), The Golden Grill (GDN), and Twist N'Stix (TNS). All six companies saw demand rise for their stocks as investors reacted to positive school announcements and the better Spring weather.
Lower than usual senior lunch volume heading into the beginning of a holiday period contributed to some late-day volatility. Top It! (TOP) shares dipped slightly below their initial opening price as investors will not get to sift through any economic data until Purim carnival announcements hits the wires early next week.
12:40 PM Fortune Sushi Co-op (SUS): Fortune Sushi Co-op executives announced 106 memberships sold in two days of trading. With a standard price of $2.00 per membership, membership revenue hit $212 for a better showing than market analysts expected. With falling commodity prices in both fish and rice, the consensus amongst analysts was to recommend Fortune Sushi Co-op as a strong buy.
12:52 PM TOP IT! (TOP) downplay results : Top It ! shares continued to fluctuate during the day's trading hitting a low of $0.50 but closing at the initial IPO price of $1.00. Company officials were not available for comment but an early morning announcement concerning trading results is expected. Standby for continuing developments in this ongoing story.
12:58 PM CluB-Ver (DAM) angers environmentalists: CluB-Ver spokesperson downplayed concerns about environmental damaged caused by their forest operations. "We are and continue to be sensitive to environmental concerns in which our affiliated companies operate," a company official was quoted as saying. Market reaction to this development remained neutral as CluB-Ver stocks stayed at a steady $1.00 throughout their IPO. Rumors still remain about a "beaver mascot" and talk of a Canadian Heritage investigation have circulated in late day news wires.
1:30 PM BSE officials announce results: 2055 total shares were sold over two days at the Bialik Stock Exchange 2005 edition. 145 shares are still available to the general public but is should be noted that three companies have not yet filed their internal share ownership results. Fortune Sushi Co-op (SUS), Top It! (TOP) and CluB-Ver (DAM) will be offering shares in the overnight markets and final results will be posted by the close of tomorrow's trading day.
More in-depth information is available from http://www.bialik.netaxis.qc.ca/sse/index.htm including "live" intra-day market analysis of the SSX and affiliated stock markets, economic releases, earnings reports, and day trading highlights.