During the hot session, over 3.46M shares were turned over, which exceeds 10 times the average daily volume. The buyers were in clear domination – accordingly, AZU climbed 18% up to close the trade at $0.065.
At a first glance, there is no obvious reason for this huge stir. Neither on Azure’s website, nor on SEDAR, can we read any new officially published company announcements.
Possible explanations for the stock performance include speculative investor interest towards the company, shorters’ activity, or some bit news that is about to come up any minute and is already known to part of the traders.
A very probable and logical cause for the high volume is insider’s activity, as official data reveal. Such activity was, to a large extent, responsible for the huge turnovers witnessed earlier this month, for instance on Sep. 16.
Still, a few people might have the feeling there is perhaps something else happening around Azure – something that has remained, so far, hidden from the public and will probably pop up soon. Of course, these are simply assumptions.
Facts are always better friends than assumptions. The recent company financial reports contain good many figures and facts. Azure has no revenues as yet, so it is hardly surprising to see a net loss of $195 thousand recorded for the first quarter of 2011. Maybe, the increase in the negative income could raise some concerns. The net loss for the preceding quarter was about $130 thousand, while for the relevant first quarter of 2010 it amounted to $140.6 thousand.
On the other hand, this June Azure Resources arranged a $2.5M financing meant to be used for the Catalca Block located in the Thrace Basin, Turkey. In addition, this August the company announced its intention to acquire interest in two Kazakhstan Oil Projects.
We are eager to see more news from Azure soon. Probably, this will revive the shares that marked a 28-month low of $0.055 just two days ago.
