Why did Addtech rise on 6 October?
Written after the close on
Addtech +1.76% · OMX Stockholm 30 +0.99%
Addtech rose clearly on an acquisition. Addtech rose slightly over the last five trading days while the OMX Stockholm 30 was roughly unchanged, so it moved while the market was flat. The most likely driver was the agreement to acquire 82 percent of Mechanical Power Transmission Ltd, a UK maker of custom gears and driveline parts for defence, energy, rail, aerospace and mining, which closed on 2 October and is expected to add marginally to earnings per share this financial year. That deal, announced yesterday, likely lifted the shares in the latest session, when the market also rose clearly. Watch the next earnings report in late October.
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