ELTON’s shares were under strong pressure on the Athens Stock Exchange on Monday, after the rumor of an alleged takeover interest from Ideal Holdings was dismissed.
More specifically, the listed company’s share fell by 5% in yesterday’s session to 2.09 euros, putting a “brake” on the multi-day upward trend that had preceded.
The downward movement was accompanied by particularly high investment interest, as by 3:00 pm, 83,000 shares had been traded, with a total value of 175,000 euros.
This corresponds to 332% of the average daily turnover for 2024.
The share’s losses were related to the official denial of rumors of a takeover interest from Ideal Holdings.
“IDEAL HOLDINGS, following a question from the Capital Market Commission and relevant publications regarding the acquisition of another company listed on the Athens Stock Exchange, categorically denies the relevant publications and states that it has never held relevant discussions with the specific company,” the company said in an announcement.
The scenarios over the flirting of the two companies had provided a major stock market boost to ELTON, which saw its stock rally more than 10% in the past week.
However, the listed company is trading well below last year’s all-time high of 2.8 euros as geopolitical instability and inflationary pressure, combined with declining inventory values and falling chemical prices, have weighed on its financials figures.
