Petrom announced earlier Wednesday an annual increase of 22% of its net profit to 4.8 billion lei (EUR1.1 billion), the highest result ever reported by a Romanian corporation. Despite opening on a positive note, gaining 1.3% after the opening bell, Petrom stock gradually lost steam and entered in red territory.
BET, the main index of the Bucharest bourse, rose 8.56 points, or 0.13%, to 6,431.6. Composite index BET-C went down 0.34% to 3,271.52 points.
Romgaz (SNG.RO) fell 0.7%, but Transgaz (TGN.RO) and Transelectrica (TEL.RO) gained 0.6% and 0.8% respectively. Banca Transilvania (TLV.RO) rose 1.7%, while Nuclearelectrica (SNN.RO) increased 1.2%.
BET-FI, which tracks Fondul Proprietatea (FP.RO) and the five regional investment funds (SIFs), closed down 0.5%, at 30,893.34 points. Proprietatea inched 0.1% higher, but SIF Moldova (SIF2.RO) and SIF Oltenia (SIF5.RO) declined 1%.
Bucharest benchmark index BET-BK went down 0.13%, while extended blue-chip index BET-XT closed 0.06 lower.
Energy stocks tracker BET-NG decreased 0.67%, dragged down by Petrom and Romgaz.
The bourse’s overall traded value declined Wednesday, with share transfers reaching RON33.8 million (EUR7.5 million), compared with RON37.1 million the day before. Romgaz, Fondul Proprietatea and Transgaz were the most traded stocks in Bucharest. (EUR1=RON4.4916)