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IC Advances as Nordea Says Buy on Dividend: Copenhagen Mover

July 2 (Bloomberg) -- IC Companys A/S rose for a sixth day in Copenhagen trading, the longest winning streak in five months, after Nordea Bank AB recommended investors buy the stock because of its dividend yield.

IC rose as much as 1.2 percent to 125 kroner. The stock also traded at that price at 11:14 a.m. in the Danish capital with volume at 153 percent of the three-month daily average.

IC is a relatively cheaper investment than its Swedish peer, Stockholm-based Hennes & Mauritz AB, which has become too expensive after recent advances, Nordea said today. Copenhagen-based IC, which is Denmark’s largest listed clothing company, has paid dividends for its last three fiscal years and on May 15 reported rising revenue and net income.

“IC Companys is well underway to improving profitability and there are prospects of higher dividends in coming years,” Nordea in Copenhagen said in a note to customers.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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