7 May 2009

Appliance company can't explain rise in share price

12:28 pm on 7 May 2009

Fisher & Paykel Appliances says it knows of no reason for a sharp rise in the price of its shares over the past week.

Shares in the whiteware maker climbed more than 5% at one stage on Thursday morning, on top of a rise of 31% over the previous three days.

The 31% rise triggered a query from the NZX asking whether the company had any information that could explain the increase and whether any information should have been disclosed.

Shares in FPA have fallen from $2.69 cents to 37 cents in the past year since profit warnings were issued. The company is in the process of extending funding arrangements by its bankers.

Since Friday, the number of Fisher & Paykel Appliances shares traded has risen. Prices climbed from 47c to 65c on Thursday morning.