More than 39.55 million shares traded last week our internet entertainment investment GoConnect (GCN), with prices up from a week’s low of 1.5¢ to a high of 2.4¢.
Massive turnovers have continued into this week as investors holding a minimum of 55,000 GoConnect shares get set for a free issue of shares in the soon-to-list affiliate Priority One Network Group Ltd.
Buyers of GoConnect have until the close of trading on Friday of this week to earn their entitlement to a distribution from GoConnect, of approximately 0.13 Priority One share to be issued at a face value of 30¢.
GoConnect chairman and managing director Richard Li points out that both GoConnect’s monthly and daily share price charts broke out of their resistance at the end of the month as drawn from the respective all-time high. Turnover for the month of September totalled 195.33 million shares, the highest volume in the company’s entire trading history of 11 years.
A lot of that was no doubt due to day traders, but remaining shareholders buying into strength this week suggest keen support for the new affiliate of GoConnect, which was discussed in the Speculator columns on August 31, September 7 and September 14. DYOR
GCN Price at posting:
2.5¢ Sentiment: LT Buy Disclosure: Held
