Heavy purchases lift CP Ships’ share price
Heavy purchases of shares in CP Ships, the troubled Canadian-registered container shipping group, raised their price 8 to 9 percent Thursday on the Toronto Stock Exchange and the New York Stock Exchange.
More than 4.4 million shares changed hands in Toronto Thursday and another 1.2 million shares were bought in New York on the same day.
The shares closed at $13.45 in New York yesterday, still far below the $21.83 price of the shares in May, before the recent profit corrections, insider trading investigation and the resignation of the company’s chief executive officer.
At press time, the cause of the price rise and the identity of the buyers were unknown.
CP Ships said it does not comment on share transactions.