Local listed insurer PSC Insurance Group has responded to an ASX query over the movement of its share price on Friday. 

Shares in the Melbourne-based brokerage traded from an intraday low of $4.79 to a high of $5.50 at one point, prompting the Australian Securities Exchange (ASX) to seek an explanation for the 14.8% rise. 

PSC says it is “not aware of any information that has not been announced to the market, which if known by some in the market, could explain the recent trading in our securities”. 

“[We] are always seeking acquisition opportunities and at any one time we have a number in progress,” the broker said today in a statement. 

“We do not presently have any acquisitions in the pipeline that are significantly progressed or certain to proceed to execution or completion, further noting that none of these are at a stage where disclosure to the market would be required.”