Xero’s shares have exploded this week and the NZ share market regulator has asked the cloud accounting company for an explanation.
The New Zealand Stock Exchange lodged a price enquiry following the share price jump which was up another 10.5% on the ASX today to $18.78.
The letter from the NZX said between February 17 and 19 the price of Xero shares increased from $16.40 to $19, an increase of 15.85% or $2.60.
There haven’t been any major announcements from the company to the market.
Company CEO Rod Drury told Business Insider after he got the “speeding ticket” from the NZX they looked at the company share register and couldn’t spot anything “tricky”.
He said the volumes hadn’t been big but speculated a big week of presentations at Xerocon in the UK and roadshows in Australia could be behind the move.
Responding to the NZX Xero company secretary confirmed Xero has complied with its continuous disclosure obligations.
Here’s the chart.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.