Shares in Fisher and Paykel Appliances have gained about 20% in value during the past three trading days with more than 4.4 million shares changing hands.
Its share price had risen from 34.5c to 41.5c yesterday, with tranches of 564,000, 1.7 million and more than 2.2 million shares changing hands respectively, Craigs Investment Partners broker Peter McIntyre said.
"It appears someone is building a position. That [total 4.4 million shares] is up three or four times normal volume," Mr McIntyre said.
The 4.4 million shares represented about 1.5% of the 300,000 million shares on issue. Fisher and Paykel was in the top three NZX gainers yesterday; the 2.21 million shares having traded up more than 9%, valued at more than $864,000.
