BUSINESS

QCM denies involvement in Intracom

VANGELIS MANDRAVELIS

TAGS: Business, Stocks

Investment firm QCM denied on Thursday any involvement in Intracom’s stock price decline this week, describing an internet report on the matter as “fake news.” The denial sent the stocks of the Greek group and its subsidiary Intralot soaring in Thursday’s trading session.

QCM clearly stated that not only has it not bet on the drop of the Intracom stock price, but it also has no exposure whatsoever to the Greek firm’s stocks, putting an end to rumors that QCM was about to publish a report on Intracom and Intralot that might have had a similar effect on the Greek companies to QCM’s report on Folli Follie back in May.

That statement generated a buying frenzy in the two companies’s shares on the local stock market after 3 p.m. Consequently Intracom’s stock jumped 14.7 percent at Athinon Avenue on Thursday, while Intralot saw its stock rise 20.4 percent. Therefore the two stocks have covered most of the losses incurred on Wednesday.

Relieved by Thursday’s developments, the management of Intracom told analysts in a conference call that nothing has changed in its business plan presented during the issue of its latest bond amounting to 250 million euros, in the fall of 2017.

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