Stock With Momentum: Wegmans Holdings

This article first appeared in The Edge Financial Daily, on July 1, 2019.
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Wegmans Holdings Bhd (-ve)
TRADING of shares in Wegmans Holdings Bhd (fundamental: N/A/3, valuation: N/A/3) triggered our proprietary momentum algorithm last Friday for the first time this year.

Wegmans’ share price increased 0.5 sen or 1.49% to 34 sen, after 8.74 million shares were traded, compared with the counter’s 200-day average volume of 2.02 million shares. The group’s market capitalisation stood at RM170 million.

The group is principally involved in design, manufacture and sale of home furniture products. Earlier last month, ACE Market-listed Wegmans said it had submitted a proposal to transfer its listing to the Main Market of Bursa Malaysia.

As at last Friday, Wegmans was trading at 2.27 times its net book value.