Shares of South Financial Group still have a long way to go, but they’ve shown a nice gain recently, moving from a low of 67 cents late last week to as much as $2.21 Thursday. By late morning Thursday, TSFG was trading at $1.68.
It’s been a good week for South Financial so far as company stock has moved up steadily, ending Monday at 75 cents a share, Tuesday at 95 cents and Wednesday at $1.15.
Volume has been significantly higher, as well, with approximately 8 million shares trading hands in the five trading days between Feb. 19-25, according to Yahoo! Finance. In the seven trading days prior to that, volume never topped 957,500 shares on a single day.
Obviously, South Financial has its work cut out for itself if it wants to return to its former days of glory price-wise, particularly given its nightmarish performance in 2008, but it’s nice to see it’s reversed the downward trend, at least for the time being.