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STOCKS NEWS EUROPE-TomTom shares rise after trading ex-rights

Fri Jul 3, 2009 4:02am EDT

Stocks

   

Shares in TomTom (TOM2.AS) rise 4.8 percent after the Dutch navigation device maker starts to trade ex-rights, creating demand from arbitrage traders and investors that have regained confidence to buy the stock, analysts say.

"The difficult financial situation is something of the past. Parties that were not interested before have turned their eyes again to TomTom," says Petercam analyst Eric de Graaf.

Theodoor Gilissen analyst Paul Beijsens says arbitrage opportunities between the stock and the rights TOM2_r.AS can also push up the shares.

TomTom is the biggest gainer in the Amsterdam blue chip index .AEX, trading at 6.64 euros after setting the issue price in the rights offering at 4.21 euros.

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Reuters Messaging rm://gilbert.kreijger.reuters.com@reuters.net


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