Hot stock: Ellipsiz continues rally in the wake of broker's 'buy' call
SHARES of Ellipsiz continued to climb on Tuesday, a day after UOB Kay Hian initiated coverage with a "buy" call on the semiconductor equipment provider.
Ellipsiz was up 6.48 per cent, or 0.7 Singapore cent, to trade at 11.5 Singapore cents as at 9:50am. It was the second-most active stock in the morning, with 19.3 million traded shares.
UOB Kay Hian on Monday put out a note recommending that investors buy the stock based on a target price of 17.1 Singapore cents. The broker called Ellipsiz "an attractive...target" for acquisition.
"While Ellipsiz is now a shadow of its former self, the group continues to be held in high regards in the industry," UOB Kay Hian wrote.
Singapore Exchange issued a trading query on Monday as the stock jumped 12.5 per cent to close at 10.8 Singapore cents.
Ellipsiz on Tuesday said it was not aware of any undisclosed information that could explain the trading, but highlighted the UOB Kay Hian report.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce
Singapore shares open in the red on Tuesday; STI down 0.3%
Stocks to watch: Wilmar, MLT, FEHT, CDLHT, Starhill Global Reit, IReit Global
Europe: Stocks eke out gains after German inflation data; Deutsche Bank drops