STOCKS NEWS EUROPE-Intercytex down as lead drug misses goal
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16:16GMT 20Feb2009-Intercytex down as lead drug misses goal
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Shares in skin regeneration expert Intercytex (ICX.L) tumble 59 percent after the company announces that its lead drug has missed its key goal.
"That was the near-term investment case ... effectively it's now (a case of them) doing something strategic like a merger or being taken over," says analyst Jacob Plieth at Edison.
To see the full article please click on [ID:nLK826922]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
16:14GMT 20Feb2009-Turkey's Akbank down 7 pct on Citibank concerns
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Shares in Akbank (AKBNK.IS), Turkey's biggest bank by market value, fall as much as 7 percent on concerns that Citigroup (C.N), which owns 20 percent of the Turkish lender, would be nationalised.
"The association (with Citibank) makes it more vulnerable," Can Oksun, a trader at Ekspres Invest in Istanbul, says.
The reaction is "knee-jerk," Oksun says, because Sabanci has the right of first refusal if Citigroup is forced to sell its stake in the Istanbul-based bank.
Fears the U.S. government could take control of Citigroup and Bank of America Corp (BAC.N) drive their shares lower in New York.
Akbank has slumped 13 percent since Feb. 11, when Sabanci (SAHOL.IS) and the Sabanci family, its biggest shareholders, applied to sell untraded shares amounting to about 8.4 percent of the bank's free float. Continued...
