Mysterious 2,819% stock rally has traders scratching their heads

The uninterrupted surge has made it the best performing stock worldwide in the past 12 months among companies worth $1 billion or more

An Abu Dhabi-based investment holding company is leaving traders and investors scratching their heads after a 2,819 per cent  surge in its stock in the past 12 months, with very low trading volumes.

International Holdings (IHC), which derived most of its revenue in 2019 from fish farming in the United Arab Emirates, has reached a market value of $14 billion, up from about $133 million a year ago. The steep rally in its shares hasn’t been dented by this year’s global equity market meltdown sparked by the coronavirus pandemic, or the collapse in oil prices which roiled West Asian markets.