Commerz Bank wraps up Cape Lambert sale

Shares in gold explorer Cape Lambert Iron Ore Ltd have closed 13 per cent higher today, with over 1.5 million shares traded.

German-based Commerz Bank AG, a long-term substantial holder, has recently completed an on-market sale of it's entire holding in Cape Lambert, representing 6.4 per cent of Cape Lambert's stock. This sale began in late 2005 and was completed in the past 48 hours.

CommerzBank began selling due to the fact it had closed its London based funds arm and therefore decided to sell all stocks held by that office.

At the same time London's third largest fund manager, JP Morgan Chase & Co, has continued to increase its holding in the stock.

Currently JP Morgan Chase & Co holds 6.66 per cent of the listed securities in Cape Lambert, representing 16,466,700 shares.

At market close, the gold explorer's share price had risen 3.5 cents to 35 cents.