MAGNIFICENT Holdings was obliged to put out an exceptional price and turnover bulletin yesterday as the stock screamed up 22.53 per cent in the face of a quiet market. After six months of modest trading at around the 35 cents a share range, the stock leapt yesterday from 35.5 cents to 43.5 cents, up eight cents on a turnover of 243.24 million shares, some of the heaviest trading in the stock since last July. Magnificent Estates 1994 warrant jumped 51.95 per cent or 10.6 cents to 31 cents on a turnover of 4.5 million. The property company controlled by Shun Ho since 1987 was the second best performing issue of the day. Shun Ho Resources also put in a good performance, rising 14.7 per cent or 10 cents to 78 cents. Magnificent Estates told the stock market in the bulletin issued in the afternoon after trading had ceased that while it noted the sudden increase in share price and volumes it knew of no reason for such moves. This is not the first time the company has attracted the attention of the regulators, triggering an exceptional price and turnover movement bulletin. On June 24, the last time the stock saw a flurry in trading, it announced it knew of no reason for large gains, sometimes in excess of 20 per cent in a day. On June 29, the stock peaked at 68 cents, the highest price over the last 12 months to date. The group placed shares to its parent Shun Ho on June 4, to raise $73.99 million at 37 cents each. On July 15, the group announced a rights issue to raise $148.6 million to reduce debt. The company said it would issue no less than 530.6 million rights shares at 28 cents each. This represented a 39.1 per cent discount to its share price, which closed yesterday at 44 cents. At the time of the announcement shareholders were allowed to subscribe for one rights share for every four shares held. On July 16, Magnificent Estates posted the biggest drop of the day, tumbling 33.6 per cent or 15.5 cents to 30.5 cents after it announced the rights offering. The best performing stock of the day was Universal Appliances, a company chaired by Stanley Ho and which manufactures consumer electrical products. The stock rose 41.66 per cent or 20 cents to 68 cents. The third best performing stock of the day was Golden Hill Land Development, a company is textile weaving, share investment and property investment. Golden Hill was up 15 per cent or 7.5 cents to 57 cents. China Everbright was up 13.63 per cent or 25.5 cents to $2.125. The normally subdued Hong Kong Ferry (Holdings) rose 13 per cent to $13.90 on turnover of $19.17 million. FPB Bank was up 11 per cent to $2.95, and Dao Heng Bank was up 10.5 per cent to $2.95. Strong demand is expected for the medium to small financial institutions as they benefit from the credit tightening undertaken by the larger banks in the territory. JCG came in with strong results at the weekend with a rise in net profit of 49.4 per cent to $143 million. JCG rose 10 cents to $6.85 on turnover of $7.42 million. The limit to the growth of the smaller institutions in the banking sector - and a very severe limit at that - is deposit growth, which gives them flexibility to expand their loan book. JCG showed deposit growth of 69 per cent to $518 million.