Having just returned to my desk this afternoon after seven days in New York and Miami, I wanted to get caught up with last week's headlines. I came across The Northern Miner's friendly write-up of Red Eagle Mining (TSXV:RD) from Thursday, which compelled me to pull up RD's chart.

RD Chart

RD data by YCharts

Astonishingly, Red Eagle's shares rose 53.85% on Friday, the day following the article, so I decided to look closer at the tape.

Trades for Red Eagle Mining (C:RD) Friday, October 18, 2013 (Stockwatch)

Trades for Red Eagle Mining (C:RD) Friday, October 18, 2013 (Stockwatch)

Shares in RD did not trade at all Friday morning. "Anonymous" then bought the 30,000 shares offered at $.26, before "RBC" bought 29,500 shares at $.30 mid-day. During the final forty five minutes of market hours on Friday, seven tiny trades worth $2,343.90 sent Red Eagle's shares up ten cents or 33.333% to close at $.40, which explained the bulk of RD's 53.85% rise Friday.

RDOne possible explanation is that sellers in RD have finally been exhausted. Both Liberty Metals & Mining Holdings LLC and Appian Natural Resources Fund LLC acquired common shares in Red Eagle for $.55 last October (1,2); they are clearly believers in the company. Additionally, RD's shares have traded quite thinly over the past 18 months, and a modest amount of momentum (such as the Northern Miner article), could have provided enough torque for RD to break out.

It could also be that a few market participants manipulated the thinly traded security Friday.

Related: When Will Junior Mining Turn Around?