What Made Reffind Rocket High On ASX Today?

  • Nov 29, 2018 AEDT
  • Team Kalkine
What Made Reffind Rocket High On ASX Today?

By the end of trading on November 29, 2018, the share price of Reffind Limited (ASX: RFN) increased by 14.286% which is equivalent to 0.001 points. With the market open, the stock price of RFN was A$0.008 which is near its 52 weeks' lower price and this level remained constant in terms of the day’s high and low price while the stock reported a market capitalization of A$3.61 million. This price remains constant for the day’s high and low price with the market capitalization of A$3.61 million.

One of the reasons is that based on S&P/ASX 200 Information Technology (Sector) has performed well on the ASX. It has increased by 2.76%. The other possible reason for the increase in the share price was due to earlier announcements made by the company. In this announcement, the company has shared an update that it is engaging itself to blockchain loyalty reward from Loyalty and reward Co to promote Loyyal’s “Internet of Loyalty” in the APAC region (Asia Pacific region). Also, the chairman of Reffind states that Loyyal who has run the first blockchain loyalty program. He believes that its engagement with the company will enable them to gain basic expertise which will help to capitalize the exclusive partnership with Loyyal.

These initiations made by the company is coming into the picture of the investors which has led to a positive impact on investor’s mind and the outcome was seen in today’s share price which boosted today.

There is a positive global impact on the information technology industry which is another factor which influenced the share price.

The company is a consistent negative performer. The 1-year performance of the company is -75.86%. Although the company is a negative performer, however, it has maintained a strong balance sheet. The net asset of the company is $4,668,844 which is an indicator that the financial health of the company is good. It also indicates that the company is in the position to clear its long-term obligations. The current asset of the company is $1,548,661 and the current liabilities of the company is $135,732 which indicates that the company is in a position to meet its short-term obligations and the net working capital. There is a increase in the accumulated losses this year, however, the total shareholder’s equity is worth $4,533,112 which has increased as a result of an increase in the issued capital. By the end of the day, cash available with the company is $1,462,172.

As per the cash flow statement of the company, FY2018 results has created a positive impact on the investors. This year, from the operating activities of the company, the losses have reduced by half as compared to FY2017 which highlights an increase in the operating efficiency of the company.

Also, as per the chart, the market seems very unpredictable due to volatility in the market for a very long period which is also one of the reasons that led to the sudden increase in the share price of the company. This stock is a must watch stock for the investors to see the upcoming trend.


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