Proprietatea announced late Monday that the financial market regulator approved a capital reduction for the fund, which opens the door for a new round of share buybacks. Since all previous buybacks were made at above-market price levels, Proprietatea shares are expected to grow in the coming period.
At 10:40 local time (GMT0840), the Bucharest bourse’s BET index was up a mere 0.05% from Monday closing level, while composite index BET-C was up 0.1%.
BET-FI, which tracks Fondul Proprietatea and the five regional investment funds (SIFs), was up 0.33%.
Bucharest benchmark index BET-BK inched 0.05% lower, but BET-XT was up a mere 0.03%. Energy stocks tracker BET-NG was down 0.1%.
The bourse’s trading figures improved compared to the previous session, as the value of share transfers reached 3.1 million lei (EUR0.7 million) at 10:40, significantly higher than yesterday. More than half of the amount was covered by Fondul Proprietatea, and only Transgaz (TGN.RO) managed to gather a significant interest among the other stocks. (EUR1=RON4.5101)