May 2, 2019 / 10:26 AM / 25 days ago

BUZZ - GIMA jumps on hopes for new orders after clearing of Philip Morris new product

** Shares in Italian GIMA Tobacco Technology jumped more than 20 pct, after the U.S. approval of Philip Morris IQOS product, a move which is expected to boost GIMA’S orders

** The U.S. Food and Drug Administration on Tuesday said it would allow Philip Morris to sell the heated tobacco product called IQOS in the United States

** GIMA is a Philip Morris supplier and makes innovative packaging lines for conventional cigarettes and next generation products, including IQOS

** GIMA’s share price was not far from its record low when the news came, so many investors who were short of GIMA shares rushed to buy, a trader says

** Italian broker Equita says it needs to see if IQOS will sell well in the U.S. market, but adds a possible increase in Philip Morris investments would support GIMA’s orders, which “right now are pretty depressed”

Reporting by Stefano Rebaudo ;

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