30th May 2005
Wednesday, December 16th, 2009
Stocks report: High volume despite the long weekend
The WSE session on Friday brought a lot of events and volume on the market.
The huge IPO of oil company Lotos, didn't threaten investors. The main event of the week was BPH Bank's takeover by its rival Pekao as a result of their owners, HVB and Unicredito Italiano, merging. The market interpreted the move as a good one for both companies, with BPH shares rising more than 7.5 percent and Pekao's 4.6 percent. The combined forces of Pekao and BPH will create a business with assets of $33 (zł.110.5) billion and the largest capitalization on the WSE. The stocks of competitors of the two merging banks suffered after the news got out.
News from BPH and Pekao helped the overall market to continue gains on Friday. The WIG20 lost some two percent earlier last week but ended with its highest value since April. In the coming days, the IPO market will continue to be the main factor influencing the investment climate. Some capital will return from Lotos, as huge reductions are expected which can further increase stock prices. The foreign equity markets behaved well recently, so the WIG20 has opened a way to attack the 2,000-point threshold in the coming weeks.
Adam Łaganowski, Warsaw Investment Group (WGI)
From Warsaw Business Journal
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