Wednesday June 9, 6:26 pm Eastern Time
Entrust secures market gain
OTTAWA, June 9 (Reuters) - Internet security software developer Entrust Technologies Inc. (Nasdaq:ENTU - news) locked in market gains on Wednesday buoyed by a variety of factors.
The stock rose $1.39, nearly 6.5 percent, to reach $24.25 on the U.S. Nasdaq exchange on heavy trade as more than 693,000 shares traded hands. While that falls below the 52-week high of $43.05, the stock now stands far above this year's low of $9.
The Plano, Texas-based firm, which has its R&D operations in Ottawa, sells software used to identify and authenticate that computer users are who they purport to be -- an essential step in electronic commerce.
While analysts could not identify a single factor propelling the stock, they suggested an upcoming customer conference may be
drawing market attention to Entrust.
Held June 15 to 17, the event showcases such partners as Novell Inc. (Nasdaq:NOVL - news), Nortel Networks Corp. (Toronto:NT.TO - news) and Intel Corp. (Nasdaq:INTC - news).
''This could be putting them in people's minds,'' said Ted Julian, analyst with Forrester Research Inc. in Boston, Mass. ''It has
become a fairly significant show.''
Entrust may also be getting a lift from telecommunications trade show SuperComm '99, taking place in Atlanta, Ga. this week, as announcements of new network technology demonstrates the need for Entrust's security software.
The company did not release any news on Wednesday, a spokeswoman said. Earlier this week, the firm announced the expansion of its board of directors, with appointments including former South Carolina U.S. Congressman and partner at Powell, Goldstein, Frazer and Murphy law firm, Butler Derrick Jr. Other additions include executives from Nortel, Novell Inc., RAND Corp. and Via International Network and Global Access Technology Services.
Entrust competitors made only modest gains on the Nasdaq, with Verisign Inc. up 13 cents to reach $58.63 and Network
Associates up 28 cents to hit $14.25.
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