Fondul Proprietatea drew strong interest from investors willing to sell their shares in the fund. Proprietatea intends to buy back 4.35% of its shares, but sale orders amounted to a total 76.3% interest in the company, as the fund proposed a price of RON1 per share, about 20% higher than the last closing price.
At around 10:30 local time (GMT0830), the Bucharest bourse’s BET index was up 0.3% from Thursday closing level, while composite index BET-C added 0.19%.
OMV Petrom (SNP.RO) was up 0.9%, and BRD-Groupe Societe Generale (BRD.RO) inched 0.5% higher. Transgaz (TGN.RO) was up 1.1%, while Transelectrica (TEL.RO) was gaining 1.2%. Proprietatea was down 0.6%.
Proprietatea weighed on BET-FI, which was down a mere 0.04%, as two of the five regional investment funds (SIFs), SIF Banat-Crisana (SIF1.RO) and SIF Transilvania (SIF3.RO), were in green territory, while the other three registered no trades.
Bucharest benchmark index BET-BK was down 0.07%, but BET-XT, which tracks the 25 most traded stocks in Bucharest, was up 0.18%. Energy sector index BET-NG was 0.79% higher on the day.
The traded values were low, share transfers reaching 2.1 million lei (EUR0.5 million) after 30 minutes of trading, with investors focusing on the shares of Petrom, Fondul Proprietatea and the recently-listed Romgaz (SNG.RO). (EUR1=RON4.4536)