CP Ships’ stock recovers from accounting fall

CP Ships’ stock recovers from accounting fall    A sharp rise in the volume of stock transactions concerning CP Ships in May has pushed the company’s stock price within grasp of its 52-week high of $18.63, reached in August last year before the company admitted its profits had been overstated.
   According to the New York Stock Exchange, transaction volumes in CP Ships stock in May were far larger in the two preceding months, leading to a rise in the company’s stock from $14.30 in early May to $17.34 on June 1.
   The shipping company’s stock price had collapsed by $7.16, or 38 percent, last August due to its accounting errors. It has now regained $5.87. CP Ships’ stock rose 5 cents, or 0.3 percent, Monday on the NYSE.
   The Canadian-registered company has been linked to a possible takeover of it by China Shipping, but CP Ships chairman Ray Miles said last month he had not talked to the Chinese shipping line for years.