Network International says not aware of any reason for share price slump
Payments processor Network International said on Monday that it is not aware of any reason for the slump in its share price.
Shares in the Dubai-based company were down 26% to 96.90p at 1005 BST.
"The company is not aware of any reason to justify the move and is pleased to report that the trend of improving volumes in directly acquired domestic TPV, reported for July with our interim results, has continued in August and early September," it said in a brief statement.
Broker Peel Hunt said in a note that the recent share price performance has left many investors wondering what they have missed.
"Having spoken to the company, we are confident that the recent collapse has not been triggered by any fundamental factors," it said. "We believe that the current share price provides an extremely attractive entry point for an investor looking to gain exposure to the leading player in industry that is likely to be a long-term beneficiary of Covid-19."
Peel said the shares appear "materially oversold" and the valuation appears attractive. It reiterated its 'buy' rating and 480p price target on the stock.