Reckitt climbs after £1 billion buyback but trades under offer price
Reckitt Benckiser Group shares traded up 1.25% at 4,713 pence in London early Wednesday. Shares still sat 2.9% below the £48.55 average the company paid at the end of its recent buyback. Reckitt bought back 11.12 million shares from March 9 through June 15, closing a £1 billion buyback. By 1303 BST, about 443,000 shares changed hands, compared with the usual 2.02 million daily. During the 67 London sessions in that stretch, the last trades averaged 166,000 shares per day. That’s about 8% of Reckitt’s usual daily volume. It wasn’t most of the trading, but now the steady buyer is gone.