KUALA LUMPUR (July 6): The Body Shop product distributor InNature Bhd’s share price soared to a two-month high in morning trade today, lifted by encouraging consumer sentiment amid the Recovery Movement Control Order (RMCO).
The stock rose 5.5 sen or 15.71% to its intraday high of 41 sen per share, before paring some gains to settle at 39 sen with 4.31 million shares done at noon break. Its market capitalisation stood at RM275.29 million.
InNature’s share price slumped to 26 sen on March 19 — its record low year to date (YTD) — a day after the first phase of the MCO was enforced to curb the spread of the Covid-19 pandemic.
The stock has since rebounded to a high of 41.5 sen on May 14, before gradually declining to a fresh new low of 33 sen on June 22.
YTD, the stock’s value is still 39.4% or 26 sen lower than its price of 66 sen seen earlier this year. The counter debuted on Bursa Malaysia’s Main Market on Feb 20, with an initial public offering price of 68 sen.
The Edge Malaysia weekly in its latest issue reported that the cosmetics and personal care retailer’s business has gained traction during the MCO period.
Daily sales through its e-commerce channel has jumped about 12 times to an average of “just under 600” from March 18 until April 30, when its stores were closed, said its managing director Datin Mina Cheah-Foong.
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