Scitec shares go rampant

Scitec shares go rampant

Stocks of Australian network vendor and integrator Scitec were the subject of a dramatic increase in trading last week, rising by nearly 30 per cent to 27 cents, before falling again to close at 24.5.

Over a million shares were traded yesterday, more than ten times the typical volume of the normally steady Scitec stock.

Scitec has long been rumoured to be a likely takeover target.

Managing director Paul Magee told ARN Today that the company was not currently in discussions with any potential buyers and that he had "no idea" what was prompting the tremendous increase in volume or the share price rise.

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