CP SHIPS’ SHARES REACH RECORD HIGH PRICES
Shares of CP Ships, the Canada-registered container shipping line, reached a 52-week high of $15.08 on Thursday evening.
The shares closed 2.17 percent higher on Thursday, and more than 30 percent up on their price in November 2002.
The latest price values CP Ships at $1.3 billion on the stock market.
For the nine months of 2002, CP Ships saw its net income drop to $22 million, from $51 million. However, the carrier also reported in October a small increase in average freight rates in the third quarter that broke a cycle of five previous, consecutive quarters of falling rates.
CP Ships, which entered the stock market as an independent company is October 2001, is expected to report its fourth-quarter and annual results on Jan .29.