Share

Italtile shares fall more than 5%

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.
 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders