Yahoo reports this morning (American time) that ERHC Energy shares on the Frankfurt Exchange (Frankfurt symbol: ERH.F; US OTC BB symbol: ERHE)) soared EUR 0.09, or 17 percent, to EUR 0.62 on much lighter than normal volume of just 800 shares Monday morning, while the American markets were closed for Presidents Day.
With such thinly-traded issues, however, it is difficult to tell whether the higher price was due to a desire to equalize the value of the stock in Euros relative to American dollars or reflected a hefty increase over the relative price of American shares, which closed in extended hours trading Friday at $0.725.
The stock opened in Frankfurt at EUR 0.40 on Feb. 13 and has risen sharply since. At the current rate of exchange, the stock - which is denominated in Euros on the Frankfurt Exchange - closed up $0.015 over Friday's U.S. close at $0.7407.
By that standard, the Franfurt performance was disappointing if it reflects what may happen on Tuesday here. Volume in ERH.F shares averages 13,000-plus per day, and the low volume may be attributed to a wait-and-see attitude in Germany.
The stock was set up on the Xetra trading system - an equivalent of our Archipelago - on May 20, 2005. Its equivalent of a CUSIP number is ERHC ENERGY INC.-ERH-US26884J1043-NAM6.