| Ambri shares suddenly popular after German tradesSource:SYDNEY, Feb 11 AAPPublished:Wednesday February 11 2004, 6:00 PMShares in biotech company Ambri Ltd were heavily traded today as the company made the surprise discovery that its shares were being traded "over the counter" on a German market.Ambri was the third most traded stock on the Australian Stock Exhange (ASX) today with more than 31 million shares changing hands.Yesterday, nearly 18 million Ambri shares were traded and more than 14 million were traded on Monday - well up from the usual volume.However Ambri has not made any recent announcements. = min) { document.write('' + 'advertisement' + '' + '' + ' ' + '' + '' + '' + '' + '' + 'advertisement' + '');}// -->advertisementadvertisementAmbri shares today closed one cent lower at 42 cents, but that was still nearly 17 per cent higher than last Friday's close of 36 cents.Ambri chief executive Jonathan Wright said the company was contacted by the ASX to explain the rush of the interest in the shares.Mr Wright said it might be because Ambri shares were being traded in Germany, which had happened without the company's knowledge.He said he wasn't sure why the company's shares were being traded in Germany, but he said it was legal."There's a capability of being able to buy Australian shares and being able to trade them on (the Berliner Borse) exchange `over the counter'," Mr Wright said."I'm trying to work out why it's happening."Intersuisse equities manager Andrew Sekely said the stock appeared to be being purchased by a number of parties."The buying of the stock is really spread all over the market ... and they are not big buys, either," he said."It's not as if any one person is responsible."You would think if it was a huge amount of trading coming out of Germany, it would come through maybe one or two or three brokers."However he said it was unusual for such a large volume of trades in the biotech's stock."What does happen, of course, is that once things like this start to hit the news then the day traders start coming in and... see if they can make a cent on the stock," Mr Sekely said.Ambri announced last November that its first commercially viable technology milestone would take place in May.The company's business involves the research and development of its Ion channel switcher (membrane and biosensor) technology and the development of the SensiDX system for the critical care market.By Roz AldertonGruß, T. |
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