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Net rumours boost CCM share price

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CCM Distribution was surprised to find its share price leap 131 per cent earlier this week after speculation over a Web deal. The Cheshire-based company's shares climbed 5.25 pence to 9.25 pence in Tuesday's trading. Brent Cutler, CCM distribution MD, said the price surge seemed to stem from analysts predicting that CCM was about to buy an Internet company. Yesterday's FT dubbed CCM the best performer in the market on the back of new year and weekend press tips. But the distributor's only Web plans involve selling its PC products online from next month, Cutler said. "These take-over rumours are untrue. There is no Internet deal in the offing." "We don't know how the speculation started. I think people have misinterpreted what's going on and think we're going to buy an Internet company," he said. Other traditional IT companies' share prices have also benefitted from plans to take the cyber route. In November, InterX announced plans to split from its PC distribution arm Ideal Hardware to concentrate on its Web business. Since then its share price has steadily risen from 327.5 pence to today's 885 pence. "If people think you are about to be a dot.com company, you become more valuable," said Cutler. CCM's share price was today holding up at 8.5 pence. ® Related stories: CCM dips toe in e-commerce waters Falling prices dent CCM figures

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