The last two weeks appear to be turning point for Ithaca Energy Inc. (CVE:IAE), (PINK:IACAF) stock. The company bulks positive news, which may soon result not only in a confirmed uptrend for the share price, but even in a new trading range.
Yesterday, on the TSX Venture Exchange (CVE) investors appreciated the next 6.67% price increase of IAE on an almost doubled daily average volume.
On the OTC Grey market, the shares of Ithaca Energy Inc. soared 10.14%, while today on the London Stock Exchange the company’s stock added 8% to its value.
The story of the shares’ success started last Monday, when IAE said that in order to access additional reserves it plans to drill a second production well in the Jacky field.
Two days after the announcement, Ithaca Energy Inc. informed investors about the completion of the transaction to acquire some UK North Sea gas interests. The agreement between IAE and GDF Suez E&P UK Ltd. for these interests was released this August and was reasonably not able to “produce” a share price explosion.[BANNER]
Although yesterday Ithaca Energy Inc. disclosed information related to capital dilution through the granting of 5,090,000 stock options to its managers and employees, at the end of the trading day the shares made their best performance for the last two weeks. Looks like this was the effect of the accumulated bullish energy of Ithaca Energy Inc. stock, not so much of the most recent news of the company.
Yesterday, IAE closed the market on the CVE at $2.40 per share, a price representing 79% of the 52-week high noted this May. A hot trading session for IAE that may confirm the shares’ uptrend should be expected today as well.
