Howard Smith Ltd. said its tugboat division was not for sale, despite market speculation about an impending divestment that boosted its share price. "We do not have a 'For Sale' sign on our tugs at this time," Howard Smith managing director Ian Tsicalas. Tsicalas said the Australian tugboat business was a solid earner, while U.K. towage was a "good steady business without being spectacular". "It's a steady-as-she-goes type of operation with good cash flows and we're happy with that," he said. The sale rumor pushed Howard Smith as much as five percent ahead to an eight-month high of A$9.15, before it eased to close up 32 cents or 3.7 percent at A$9.02, outpacing a stronger overall market.