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Here’s Why SIG PLC Share Price Surged 3.2% Today

Simon Mugo trader
Updated 26 Aug 2020

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SIG Plc (LON: SHI) shares surged 3.2% higher today despite the company which supplies specialist building materials to trade customers across the UK, Ireland and mainland Europe not making any new announcements.

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SIG Plc is currently trading slightly off its March lows but seems ready to break higher given the ascending wedge pattern that has formed since then.

According to data released by the UK’s Ofice for National Statistics, monthly construction output grew by a record 23.5% in June 2020, substantially higher than the previous record monthly growth of 7.6% in May 2020.

However, despite this strong monthly growth, construction output in June 2020 remains comparatively low at 24.8% below the February 2020 level.

SIG Plc is likely to benefit significantly from the record growth in construction output in June and investors are eagerly awaiting its H1 2020 earnings results.

The company is set to release its interim results for the period ended 30th June 2020, on 24th September 2020.

SIG Plc share price

Tradingview chart of SIG Plc share price 26082020

SIG Plc shares today surged 3.2% higher to trade at 32.72p having closed yesterday’s session trading at 31.70p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading