Tuesday, August 3, 2010

Nexus Energy responds to ASX speeding ticket

Nexus Energy (NXS) shares have been setting a blistering trading pace this morning with the stock gapping up on opening at $0.38 (+$0.075) on heavy turnover.  This prompted an ASX query upon which the company referred to an article in The Australian quoting Shell as a suitor in possible takeover bid.

The article mentions that several large shareholders in Nexus Energy have been "sounded out" for a takeover by Shell.  Nexus Energy responded saying that they were not in negotiations with any parties.

Best to put this one on the watchlist, wait for the commotion to die down and then consider taking a cheaper entry.  The shares have been strong lately and are coming off a $0.195 rolling year low in May.

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