ASIC raps market ramping by miners

The Australian Securities and Investments Commission said some small-cap and mid-cap mining companies might use stock exchange announcements for “promotional purposes” rather than informing investors and said this could lead to the market being misled. ASIC said it focused on mining companies and said the review aimed at detecting a pattern of frequent disclosure alongside significant share price increases that could be an indicator of poor disclosure practices. ASIC will also review disclosures by some biotechs.