The Myer Holdings Ltd (ASX: MYR) share price skyrocketed today with the vast majority of that gain coming after 3:00pm Sydney time.
The MYR share price had closed at $1.065 on Friday, just 8 cents above its 52-week low of 98.5 cents. However, the shares ended the day at $1.26, marking an 18.3% gain for the day.
Although Myer itself didn't release any news that would explain the sudden surge in its share price, The Australian Financial Review's Street Talk column released a report suggesting that Solomon Lew may have been behind a large purchase of stock, thus pushing up the share price.
Lew is the Chairman and non-executive director of Premier Investments Limited (ASX: PMV) which owns brands such as Smiggle, Peter Alexander and Just Jeans, as well as Jay Jays, Portmans, Jacqui E and Dotti. Premier Investments also owns a large stake in electrical consumer products manufacturer Breville Group Ltd (ASX: BRG).
In total, almost 26 million Myer shares changed hands today with a value just over $30 million. According to Street Talk, Lew's trade was done at $1.15 per share which was a slight premium to the then-market price. It also speculated that, should Lew secure a 10% foothold in the business, he could well make a larger move for the business, hence why the shares rallied so hard before the end of the session.
