The West

Shares in Reed Resources have soared prompting a so-called speeding ticket from the ASX.

Reed shares closed up 50 per cent today at three cents on higher than normal volumes and after hitting an intraday peak of 3.4 cents.

In response to the share price query, Reed pointed to substantial shareholder M&G Investment Management (Vanguard Precious Metals & Mining Fund) reducing its holding in the company in recent months.

It also noted a special crossing of shares today which it said might indicate M&G was continuing to sell down its stake in the company.

Reed also referred to a Hallgarten & Company research report issued on Tuesday which was "long" on its stock with a 12-month price target of 17 cents.

Reed has recently sold its Comet Vale and Meekatharra gold projects but still holds a swag of other nickel and iron ore projects as well as its flagship Mount Marion lithium project near Coolgardie.

Shares in Reed had been on a steady decline this year, falling from 6.9 cents in January to a low of 1.7 cents last month.

The West Australian

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