Calgro M3 shares jumped more than 40% on Thursday, logging their biggest one-day gain since May 2020, after the developer of affordable housing and memorial parks signalled an even better recovery in its profits than it had initially projected.

After rising as much as 62% earlier, by the JSE’s close the share was up 42.46% to R3.59, giving Calgro a market value of R504m. The company does, however, have a limited number of shares available for trade by the public, making the share quite volatile. The so-called free float is about 8.82%, according to Bloomberg data...

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