Tecnicas Reunidas rises after buyback programme

By Reuters News

** Shares in Tecnicas Reunidas TRE.MC rise 4% after the Spanish engineering and construction company announced a buyback programme

** The board approved a buyback program of about 2.5% of share capital for up to €50 million ($57.77 million), the company said late on Tuesday

** The buyback will reduce share capital through treasury-share cancellation, enhancing shareholder returns by boosting earnings per share (EPS)

** Renta 4 sees the news as positive with limited impact, as buybacks and cancellations are a way to reward shareholders by increasing EPS

** The brokerage says this is a sign of confidence from the management team in the company's future prospects and its cash-generation capacity

** The stock is the top performer of Madrid's general index .SMSI

($1 = 0.8656 euros)

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