The last two sessions were quite good for China Carbon Graphite Group, Inc. (OTC:CHGI), despite the lack of news or filings.
On Wednesday, CHGI closed up 5.08% with approximately 39 thousand shares changing hands. Yesterday, the numbers were even better – up 12.90% on nearly 67 thousand shares.
It doesn’t seem the market performance of CHGI had anything to do with news. It wasn’t due to any filing either with the latest one dating back to November last year.
Some people seem to think that graphite is becoming a hot commodity, which seems to be the only viable reason for CHGI’s performance.[BANNER]
Back in November, the company published its quarterly for the period ended September 30, 2011. The balance sheet looked OK with more than $1.5 million working capital.
CHGI also reported net income of $668 thousand, which is significantly lower than it was a year ago, mostly due to increased general and administrative expenses and interest expense.
It should be noted that CHGI stock doesn’t trade too actively through the sessions. Concrete, positive news could do a lot for the market performance of the stock, but since CHGI has been silent for a while it’s hard to expect anything more impressive at the moment.
