Energizer Resources Inc. (OTC:ENZR) Doubles Its Value in a Week
ENZR is getting extraordinary trading activity recently which is only to be explained by the latest news from the company. The stock closed the last trading session at $0.319, with is a 15.79% increase in the share price from the previous close. The trading volume was also again several times higher than normally with 289,351 traded shares.
Such a trading pattern on ENZR will probably look very attractive for traders today. They should, however, have in mind that the company has currently a market cap a few times higher than book value, which appears too high for a company still in the exploration stage.
About a week ago, Energizer Resources announced preliminary results from its exploration program on the Green Giant and Malagasy Minerals Limited Joint Venture properties in Madagascar. According to the announcement, multiple graphite zones have been discovered during Phase II and indicate a new graphite camp.
The PR provided also the highlights from both Phase I and Phase II of the company's exploration program. It is interesting that ENZR started the strong momentum a couple of days before this announcement came out, thus it looks like there is partially some speculative interest in the stock this week.
