The PPK Group Limited (ASX: PPK) share price was having a stunning day before being slammed into a trading halt this afternoon.
The investment companyâs shares were up as much as 30% to $1.23 before they were halted.
Though, this is little consolation for longer term shareholders. Even after today’s remarkable gain, this ASX share is down over 75% since this time last year.
Why is this ASX share rocketing higher?
Investors were bidding this ASX share higher today after one of its major investments revealed that a material announcement would be coming this week.
That investment is in fellow ASX share, Li-S Energy Ltd (ASX: LIS). It is a battery technology company that is aiming to develop new lithium sulfur and lithium metal batteries to power the worldâs future energy needs.
This morning, Li-S Energy requested a trading halt until the earlier of the commence of trade on Wednesday or the release of an announcement. The latter will be something material according to its request. It commented:
The Company requests the trading halt pending a material announcement in relation to research and development results.
Judging by the performance of the PPK share price today, some investors appear to believe something exciting will be announced that drives the Li-S Energy share price higher, dragging the PPK share price along with it.
At the last count, PPK owned approximately 45% of Li-S Energy. This values its investment at roughly $19.2 million. As a comparison, following its strong gain today, the PPK market capitalisation now stands at almost $110 million.
On Wednesday (or potentially earlier) we will find out whether this news was worthy of driving this ASX share 30% higher today.
The post Guess which ASX share just rocketed 30% before being halted appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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