Given the hectic trading in the shares of STC Plc this week – up 7 pence at 322 pence yesterday afternoon on volume of 2.8m, after 5m on Tuesday, the market clearly reckons something is up at the company, but yesterday’s gossip that STC was about to sell a stake of between 10% and 25% in ICL to Siemens AG was knocked on the head late in the day when the company’s UK computer chief denied categorically that Siemens had any interest in ICL. The fact that Tuesday’s gossip centred on some move by Northern Telecom Ltd over its 27.4% shareholding in STC suggests that analysts are casting around for an explanation for the movement in the shares. STC doesn’t comment on market speculation, but it pointed to the firm denial with the annual figures that ICL was for sale – but that doesn’t rule out minority foreign holdings.
