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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Earthport in the spotlight

Payment processing minnow Earthport has seen some excitement. Its shares have moved 4p higher to 72p with a variety of explanations.

One story was that the company was close to announcing a contract with a large bank, following news last month it was pursuing a number of major projects. The company is also believed to be on an investor roadshow at the moment.

But traders also pointed to a large block of shares - 4.2m or 6% of the company - which changed hands this morning at 69.5p. Hawkpoint Capital is listed as owing around 4m shares, while RAB Capital and Millenium each own nearly 9m, so traders were speculating one of them was selling down.

And they said that there had been suggestions last year of interest in the company from Dubai investors.

Overall the market does not know which way to go ahead of tomorrow's UK interest rate decision. The FTSE 100 is now 6.9 points down at 5861.1, despite a 90 point rise on Wall Street.

Colourful as ever, David Buik of Cantor Index commented: "Shares are bouncing around like the proverbial corks in a bath - no direction; no comfort; and no idea where they are going to end up."

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