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Net 1 Soars, Eclipses Other Payments Stocks

Wall Street Reform

In the biggest and most impressive move of the week, Net 1 UEPS Technologies soared 23 percent on the week, as the alternative payments company said that it is buying a stake in Blue Label Telecoms. Net 1 has grabbed a 10 percent discount for 117 million shares in the latter firm for a 15 percent stake.

The Net 1 spike made all other gains (or losses for that matter) pale in comparison, as they were confined to low to mid-single-digit percentage movements. Blackhawk, which was up 3 percent on the week, gained in the wake of completing its acquisition of Grass Roots Group but also saw some lift from a bullish report by Wells Fargo analysts that stated that the company’s EPS growth could grow on the order of 20 percent annually. The company is slated to report results this week, on Tuesday (Oct. 11).

As for declining issues, Mitel proved to show the biggest loss during the week, as a 6 percent drop came, possibly, with the news that the company had appointed a new chief marketing officer. Ingenico’s 4 percent slide, on no company-specific news, may be in anticipation of earnings to be announced later this month.

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