It turned out to be a fairly depressing Wednesday for ASX shares and the All Ordinaries Index (ASX: XAO) thus far. After bouncing around a fair bit over the course of the session, the All Ords ended the day’s trading in the red, recording a loss of 0.47%.
But let’s talk about one All Ords share that experienced something rather different.
Cettire Ltd (ASX: CTT) shares had a cracking day. This All Ords online luxury retail share closed at $1.78 a share yesterday. But this Wednesday saw the company add a pleasing 13.17% and finish up at $2.02 a share.
So what happened with Cettire that prompted investors to flood into this company today, all while flooding out of most other All Ords shares?
Why is the Cettire share price rocketing 13% today?
Well, it’s probably down to a couple of factors. The first is the trading update that Cettire released yesterday.
As we covered at the time, this revealed that the company was able to bring in sales worth $141.4 million over the first four months of 2023, up 122% on its 2022 numbers for the same period. April sales alone delivered a 160% rise over the same month last year. The company also reported adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of “at least” $7 million.
Investors didn’t seem too impressed with these figures yesterday, though, and sent the Cettire share price down by 4.28%. That was despite the company being up by 11% at one point yesterday. Perhaps the market had a change of mind today.
But the other factor that we have to consider was the ASX announcement Cettire released today.
It was short and sweet, so here it is in its entirety:
Cettire Limited… refers to recent press speculation in The Australian on 16 May 2023 relating to a potential sale of shares in the company by Founder and CEO Dean Mintz.
The Board has been informed by Mr Mintz that this speculation is unfounded and that he does not have any intention to sell shares in the company at the current time.
So perhaps investors were spooked by the prospect of the company’s CEO selling shares yesterday afternoon. With this statement, the market certainly seems to have gotten its mojo back regarding the Cettire share price.
The post All Ords share surges 13% after founder confirms no intention to sell stock appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen 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 recommended Cettire. 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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