Globe says Oilsands Quest joins upticking oil stocks

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The Globe and Mail reports in its Friday edition the massive bump in share price for Opti Canada has some of the hallmarks of a high-frequency trading blitz, say traders and analysts who cover the oil sands stock, which has swung wildly over the past two days. The Globe's Nathan Vanderklippe writes that on Wednesday, Opti closed up 34 per cent. The rapid movement was mirrored by another small oil sands player, Oilsands Quest. It is up 22 per cent over the past two trading days. Volatility also affected UTS Energy and Connacher Oil and Gas, and raised eyebrows across the oil patch, not least among those affected.

"It's interesting that the markets swing this far this fast. It puzzles all of us, I think," said Oilsands Quest executive chairman Murray Wilson. Mr. Wilson believes the jumps came from a combination of technical trading and more normal activity among long-term investors and hedge funds. Oilsands Quest is not seeking a merger or acquisition, although it is often approached, Mr. Wilson claims. "We have absolutely no specific knowledge about matters which could cause the shares in ourselves, or the rest of our peer group, to move in the manner that they have," he said.