Cofina SGPS SA (CFN) rose for a fourth day, climbing to the highest in almost three months, as investors speculated that the Portuguese news publisher may bid for state-owned broadcaster RTP.
The stock climbed 13 percent to 65.6 euro cents, the highest close since Sept. 4, giving the company a market value of 67.3 million euros ($87 million) and taking the advance in the past four sessions to 62 percent. Trading volume was almost seven times higher than the three-month daily average.
“Investors may be increasing their stakes in Cofina with the expectation that the company may be able to buy RTP,” said Diana Gomes, a trader at Orey iTrade in Lisbon.
The Portuguese government reiterated on July 10 that it plans to sell one of RTP’s two channels. Cofina owns five newspapers, including business daily Jornal de Negocios, and nine magazines in Portugal. Laurentina Martins, an investor relations official at Cofina, wasn’t immediately available for comment on her office phone.
Cofina’s biggest shareholders include Credit Suisse Group AG, Caderno Azul SPS and Newshold SGPS, according to data compiled by Bloomberg.
Impresa SGPS SA (IPR), Portugal’s second-biggest media company by revenue, gained 17 percent to 34 cents in the Portuguese capital.
Impresa may be “benefiting from the growing investor interest in the Portuguese media sector,” Francisco Goarmon, a trader at Probolsa in Lisbon, said in a phone interview. “I see no other reason for the rise in Impresa shares today.”
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