Cobalt Blue (ASX:COB) share price shot up 42% this afternoon. Here’s why.

The Cobalt Blue Holdings Ltd (ASX: COB) share price has rocketed to a 52-week high today, after the company responded to the ASX regarding its share price movements recently.

In today’s mid-session release, the company denied any knowledge of insider information that might have caused the share price to surge recently, notably a 14% spike on 8 January.

Following the release, the Cobalt Blue share price shot up 42% to 35.5 cents before closing at 34 cents.

Why did the Cobalt Blue share price surge today?

On 8 January, Cobalt Blue received a “please explain” from the ASX after shares in the company jumped almost 14% despite no news being announced.

The company today advised that it was “not aware of any explanation for the…