Johannesburg – Shares in Italtile [JSE:ITE]‚ a retailer of imported and local ceramic tiles‚ sanitary ware‚ bathroom accessories and other related products‚ fell more than 5% in opening trade on Thursday.
Sasha Naryshkine‚ a portfolio manager from Vestact‚ said the fall followed good financial results that had been priced into the share.
“There is still uncertainty over the timing of Italtile’s proposed offer to purchase Ceramic Industries‚” Naryshkine said.
At 10:12 local time‚ the shares were 5.28% weaker at R5.92. The stock has lost 6.33% since August 20 2012‚ when it released its financial results for the year ended June 2012. Over the past 12 months it has gained 34.55%.
In May 2012‚ Italtile advised its shareholders it had expressed an interest in making an offer to buy 15%-20% of Ceramic Industries‚ the largest manufacturer of wall and floor tiles in SA‚ for a cash consideration of R130 per share.
Earlier this month‚ Italtile reported an 18% rise in diluted headline earnings per share of 40.8 cents for the year ended June 2012 and revenue of R1.85bn‚ a 21% increase from the R1.52bn recorded in 2011.
Sasha Naryshkine‚ a portfolio manager from Vestact‚ said the fall followed good financial results that had been priced into the share.
“There is still uncertainty over the timing of Italtile’s proposed offer to purchase Ceramic Industries‚” Naryshkine said.
At 10:12 local time‚ the shares were 5.28% weaker at R5.92. The stock has lost 6.33% since August 20 2012‚ when it released its financial results for the year ended June 2012. Over the past 12 months it has gained 34.55%.
In May 2012‚ Italtile advised its shareholders it had expressed an interest in making an offer to buy 15%-20% of Ceramic Industries‚ the largest manufacturer of wall and floor tiles in SA‚ for a cash consideration of R130 per share.
Earlier this month‚ Italtile reported an 18% rise in diluted headline earnings per share of 40.8 cents for the year ended June 2012 and revenue of R1.85bn‚ a 21% increase from the R1.52bn recorded in 2011.