The Austral Resources Australia Ltd (ASX: AR1) share price won’t be moving any further this afternoon.
This comes as the company requested that its shares be placed in a trading halt.
At the time of writing, the copper producer’s shares are frozen at 36 cents apiece.
Austral issued with speeding ticket
During early afternoon trade, management requested the Austral share price be halted while it prepares an announcement.
According to the release, the company is planning to make an announcement in relation to a response to an ASX price and volume query.
Austral shares climbed 5.88% throughout the day before stock exchange operator ASX Ltd (ASX: ASX) issued a speeding ticket.
The rise came despite the broader ASX market recording heavy falls after investors expressed their fears regarding the current economic outlook.
It’s worth noting that Austral shares have accelerated by 71% over the past week. The volume traded has also been relatively high, with between 3 and 4 million shares transacted daily. This compares to an average day of around 500,000 shares exchanging hands.
Austral has requested that the trading halt remains in place until Monday 23 May or following the release of the announcement, whichever comes first.
Austral share price summary
It has been a solid 12 months for the Austral share price, rocketing by 80% following strong copper prices.
When looking at year to date, its shares have advanced to record a gain of almost 120%.
Based on valuation grounds, Austral commands a market capitalisation of roughly $74.79 million.
The post Why did this ASX copper share just pop then stop? appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras 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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