Skip to content
Home / News |

Here’s Why PAL Share Price Surged 92.9% Today

Equatorial Palm Oil logo
Simon Mugo

Shares of Equatorial Palm Oil Plc (LON: PAL) today surged 92.9% higher despite rumours that the palm oil company was planning to fire 35% of its workforce, or about 1,750 to 2,100 employees starting in October.

However, the company is yet to confirm whether this is true.

Investors might have also been reacting to the appointment of Teh Kwan Wey as a non-executive director on Thursday, after Patrick Kee Chuan Peng and Yap Miow Kien left the company’s board.

X testing X
WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.
Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.
5.0
Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

The company also recently raised over £400,000 after selling 100 million shares at 0.4 pence, which was to be used as additional working capital and to explore new corporate opportunities.

It is not yet quite clear why PAL shares rallied so high, but we’ll update this report as soon as we have any new developments.

PAL share price

Tradingview chart of PAL share price 07092020

PAL shares today surged 92.9% to trade at 1.495p having closed Friday’s session trading at 0.775p.

People who read this also read:

Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.