Although being established in 1938, the Finnish public limited company Saga Furs, and its owners, are now experiencing the most interesting times of their history. Today, Tuesday the 11th of March, begins the annual auction for furs. The auction in Vantaa is believed to become the biggest fur auction in the world this year. Oh yes, you must be wondering why this is such an important auction for Saga Furs and its owners? I’ll explain it to you!
The fur auction last March was a great success for Saga Furs. They broke all-time records in sales, which started the rise in their stock price. The stock price at the moment of the auction was in the 25’s. On 12 November 2013 Saga Furs’ stock price hit all-time high, 49.48. That’s almost a 100% rise in 8 months.
That is an enormous rise for any company, but what makes it even more remarkable, is that the ascent wasn’t from 2 euros to 4 euros, but it was actually from 25 euros to almost 50 euros, as you can see in the graph below from Kauppalehti.fi.
Stock price development from 10.3.2013 to 12.11.2013
Just amazing. A real gold mine for any stockholder!
Now you probably understand better why this auction is so crucial to the company and especially its shareholders.
Like I said earlier, the auction starts today, and Saga Furs announced that the first signals of this year’s auction are positive, although Russia’s current uncertainty in their markets and ruble’s degradation compared to euro are throwing some dark clouds on top of this year’s first auction.
Here you can keep track of the latest news regarding Saga Furs:
To my Finnish readers: http://www.sagafurs.com/fi/News/auction_100314
And here you go my international readers: http://www.sagafurs.com/en/News/auction_100314
I will continue following this year’s fur auction and keeping all of you updated when anything new comes around concerning Saga Furs and the auction.
I’m also going to give you more juicy insights concerning the stock market, whenever I get my hands on such information. So keep following me, and I’ll keep you updated!
So good night until tomorrow, when we will hear more news about the exciting auction!