(REUTERS) Certicom shares reach new high on momentum play
Certicom shares reach new high on momentum play
TORONTO, Jan 7 (Reuters) - Investors sent shares in
Certicom Corp. <CIC.TO> to yet another 52-week peak on Friday
on little news but a lot of enthusiasm for the encryption
software maker.
Certicom climbed to C$104, past the old high of C$94, but
then lost just a little ground by late morning. The stock was
up C$15.65 to C$102.65 on more than 162,000 shares.
Certicom shares, which posted a 12-month low of C$10.35,
have taken off from its November 1 close of C$20.50,
multiplying five-fold by Friday.
"It's just basically all the brokers pounding the table on
it," said Duncan Stewart, fund manager at Tera Capital.
The company, which bases its research in Toronto and its
sales in Hayward, California, sells security software and
consulting services primarily for use in wireless equipment --
such as phones, palm computers, smart cards and Internet
content protection.
A company spokesman was not available to comment on the
stock rise.
There was no news from Certicom on Friday but on Thursday
it said that privately held eCertain, based in Austin, Texas,
will license Certicom's encryption technology for use in its
online document transmissions. Encryption is a way of encoding
a message, such as electronic mail, so that only the receiver
can de-code and read it.
Certicom has notched a series of licensing agreements in
recent months.
($1=$1.46 Canadian)
((Lydia Zajc, Reuters Toronto Bureau (416) 941-8109, or
e-mail lydia.zajc@reuters.com))
REUTERS
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