CAPE VERDE STOCK EXCHANGE
The Cape Verde Stock Exchange has decided to temporarily suspend trading in Enacol shares, “until possible modifications in the company’s shareholder structure and other relevant factors become public knowledge.” The Cape Verde Stock Exchange intervened after the share price for the fuel company reached the 7,000-escudo mark last week, a significant high from its 4,400-escudo worth in May of this year. This “substantial appreciation” has caused concern among Stock Exchange officials.
This is the first time the Cape Verde Stock Exchange has made an intervention of this sort in its relatively short history. The intervention was justified with the invocation of line d of article 54 and article 51 of law number 52/V/98, according to a press release from the financial institution.
As A Semana Online reported on November 29, Enacol’s shares showed greater appreciation than any other stock listed on the Stock Exchange over the past seven months. Between May and November 23, the share price had risen 22% (standing at 5,350 escudos). Less than one week later, the share price leapt to 7,000 escudos.
As a result of this apparent speculation, the Cape Verde Stock Exchange decided to intervene in order to determine the causes behind this frenzied demand for Enacol stock.
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