Forex trading store

ZHABEI, China (TheStreet) — JA Solar(JASO Quote) hit a 52-week high on Wednesday morning as the action across the Chinese solar sector continued on a torrid pace to begin the new year, and a Street analyst predicted a stronger than normal sales season.

Shares of JA Solar — which surpassed its average daily trading volume of 8.4 million shares before midday Wednesday — were up 7.4%, or 47 cents, to $6.80 on Wednesday. JA Solar shares had come down slightly from the 52-week high of $6.95, achieved earlier in Wednesday’s trading session, but ended the day trading 17 million shares, double the normal daily volume.

Even slipping beneath its 52-week high shortly after having attained it, the rapid rise in the share price of JA Solar has been notable. From Dec. 1, 2009, through Wednesday, JA Solar shares have climbed from $3.98 to $6.87. Since Dec. 1, 2009, JA Solar has had ten days of trading above 10 million shares, and seven consecutive days – between Dec. 14 and Dec. 22 — when JA Solar traded more than 10 million shares, with a single-day high of 39 million shares traded reached on Dec. 15, 2009. **The 17 million shares traded on Wednesday were the second-best trading day for JA Solar.

JA Solar was not even the largest gainer in the solar sector on Wednesday among the upstart Chinese. ReneSola(SOL Quote) was up more than 11.8%, or 62 cents to $5.87. What’s more, Solarfun Power Holdings(SOLF Quote) had the largest actual price gain among Chinese solar gainers on Wednesday, up $1.18 cents to $9.99, or a gain of 13%.

The big news on Wednesday pushing the share of the Chinese solar players higher was a price revision from Oppenheimer & Co. for JA Solar and Solarfun Holdings. Oppenheimer analyst Sam Dubinsky expects stronger than typical seasonal sales, and a rush in Germany to install solar systems ahead of looming government cuts to solar subsidies.

 

Loading Comments…