This comes after last year non-liquid stocks were completely ignored by investors. Instead they focused almost exclusively on blue chips, they deemed safer given the uncertainties in the Romanian economy and the wider euro zone crisis.
Investors started 2013 much more relaxed and this showed in the significant rises recorded by some stocks on the bourse.
The stocks of vacuum cleaner manufacturer Electroarges Curtea de Arges (ELGS.RO) jumped 75% since the beginning of the year, a much higher rise than the market’s general BET-C index, which climbed 8.2% in the same interval. The rise came amid a trading volume of 1.2 million lei.
Significant rises were also recorded by electric engines manufacturer Electroputere Craiova (EPT.RO) and by construction materials manufacturer Prefab Bucuresti (PREH.RO). They climbed 50% and 46.7% respectively on the stock exchange this year, but amid a very low volume of trading.
Brokers find it hard to link this to the companies’ financial results and say these rises have to do almost exclusively with the change in investor sentiment and with the fact that many of these stocks recorded significant declines in previous years.
“What has changed significantly this year is the market sentiment, which pushed foreign stock exchanges to historic highs. We are not far, either. Petrom stocks are at 3-4-year highs, Fondul Proprietatea stocks revolve around RON0.6/share. SIF price levels are good,” says Adrian Ceuca, manager of the client department of Broker Cluj.
He says market sentiment is better and that good returns can be expected in the future as well, as good dividend yields and rising financial results are expected in general, with the exception of banks, which continue to go through a tough time because of high provision costs.
“I expect rises for Fondul Proprietatea, Petrom, I also believe Antibiotice Iasi will see a good performance.”
Other stocks ignored in the past few years, which recorded strong rises this year are Amonil Slobozia (AMO.RO), with a 22.7% rise, Cemacon Zalau (CEON.RO), with 22.6% and Turbomecanica Bucuresti (TBM.RO), which climbed 21.6% in the last month.
But liquid stock also saw rises, with Fondul Proprietatea (FP.RO) climbing 9.1% amid a volume of trading of RON241.2 million, while banking stocks BRD (BRD.RO) and Banca Transilvania (TLV.RO) have risen by 13.4% and 11.5% respectively since the beginning of the year.
SIFs had a mixed performance, going from a 1% decline in the case of SIF Moldova (SIF2.RO) to a rise of 13.4% for SIF Muntenia (SIF4.RO) stock.
(English version by Daniela Stoican)
Top stock exchange returns since the beginning of the year (Dec. 31, 2012 – Feb 1, 2013)
| Company (Symbol) | Return | Volume of trading (lei) |
| Electroarges Curtea de Arges (ELGS.RO) | 75.8% | 1,201,782 |
| Electroputere Craiova (EPT.RO) | 50.0% | 15,106 |
| Prefab Bucuresti (PREH.RO) | 46.7% | 69,035 |
| Banca Carpatica (BCC.RO) | 36.5% | 4,214,626 |
| Dafora Medias (DAFR.RO) | 32.1% | 2,213,740 |
| Contor Group (CGC.RO) | 29.2% | 91,445 |
| Condmag Brasov (COMI.RO) | 28.7% | 3,802,426 |
| Artego Targu-Jiu (ARTE.RO) | 28.2% | 3,494,122 |
| Amonil Slobozia (AMO.RO) | 22.7% | 252,433 |
| Cemacon Zalau (CEON.RO) | 22.6% | 62,323 |
| Turbomecanica Bucuresti (TBM.RO) | 21.6% | 123,513 |
| Remedia Deva (RMAH.RO) | 21.3% | 122,970 |
| Antibiotice Iasi (ATB.RO) | 17.3% | 1,629,258 |
| Altur Slatina (ALT.RO) | 15.3% | 138,562 |
| Casa de Bucovina (BCM.RO) | 14.5% | 15,637 |
| Impact Bucuresti (IMP.RO) | 14.4% | 82,270 |
| BRD Soc. Gen. (BRD.RO) | 13.4% | 32,351,730 |
| Comelf Bistrita (CMF.RO) | 13.4% | 52,057 |
| SIF Muntenia (SIF4.RO) | 13.4% | 16,260,037 |
| VES Sighisoara (VESY.RO) | 12.9% | 17,125 |
| Rompetrol Rafinare (RRC.RO) | 12.7% | 209,802 |
| Oil Terminal (OIL.RO) | 12.4% | 145,236 |
| Electromagnetica (ELMA.RO) | 12.4% | 1,978,944 |
| TMK Artrom (ART.RO) | 12.4% | 138,844 |
| Broker Cluj (BRK.RO) | 12.0% | 3,190,730 |
| Rompetrol Well Services (PTR.RO) | 11.7% | 407,510 |
| Teraplast Bistrita (TRP.RO) | 11.6% | 100,638 |
| Banca Transilvania (TLV.RO) | 11.5% | 48,212,481 |
| Electrocontact Botosani (ECT.RO) | 11.5% | 14,954 |
| Alro Slatina (ALR.RO) | 10.1% | 254,608 |
| Fondul Proprietatea (FP.RO) | 9.1% | 241,211,625 |
| Bursa de Valori Bucuresti (BVB.RO) | 9.0% | 8,203,370 |
| Transelectrica Bucuresti (TEL.RO) | 8.2% | 19,043,490 |
| Mecanica Ceahlau (MECF.RO) | 7.9% | 68,157 |
| Alumil Rom Industry (ALU.RO) | 7.5% | 80,541 |
| Vrancart Adjud (VNC.RO) | 7.5% | 1,464,780 |
| Aerostar Bacau (ARS.RO) | 7.3% | 2,888,843 |
| Santierul Naval Orsova (SNO.RO) | 6.5% | 272,597 |
| SIF Oltenia (SIF2.RO) | 6.2% | 18,737,129 |
| Ropharma Brasov (RPH.RO) | 5.8% | 1,433,564 |
| Zentiva Bucuresti (SCD.RO) | 5.8% | 250,191 |
| SIF Banat Crisana (SIF1.RO) | 5.0% | 11,738,517 |
| OMV Petrom (SNP.RO) | 4.8% | 66,061,123 |
| Siretul Pascani (SRT.RO) | 3.9% | 10,063 |
| Socep Constanta (SOCP.RO) | 3.8% | 76,496 |
| SIF Transilvania (SIF3.RO) | 3.6% | 29,335,872 |
| Biofarm Bucuresti (BIO.RO) | 3.1% | 1,112,962 |
| Transilvania Constructii (COTR.RO) | 2.7% | 38,351 |
| Uamt Oradea (UAM.RO) | 2.6% | 19,748 |
| Erste Bank (EBS.RO) | 2.5% | 4,500,757 |
| THR Marea Neagra (EFO.RO) | 2.3% | 194,884 |
| Boromir Prod Buzau (SPCU.RO) | 1.5% | 118,491 |
| Compa Sibiu (CMP.RO) | 1.5% | 2,065,786 |
| Prodplast Bucuresti (PPL.RO) | 0.9% | 16,075 |
| Vae Apcarom Buzau (APC.RO) | 0.5% | 47,493 |
| SIF Moldova (SIF2.RO) | -1.0% | 17,674,711 |
| Retrasib Sibiu (RTRA.RO) | -2.6% | 10,364 |
| Transgaz Medias (TGN.RO) | -2.7% | 14,623,557 |
| Bermas Suceava (BRM.RO) | -4.0% | 10,910 |
| Turism Felix (TUFE.RO) | -4.9% | 125,421 |
| Uztel Ploiesti (UZT.RO) | -5.5% | 72,147 |
| Armatura Cluj-Napoca (ARM.RO) | -7.6% | 100,681 |
| Calipso Oradea (CAOR.RO) | -7.6% | 37,425 |
| Stirom Bucuresti (STIB.RO) | -11.1% | 144,824 |
| Romcarbon Buzau (ROCE.RO) | -12.4% | 28,810 |
| MJ Maillis Romania (MJM.RO) | -37.0% | 57,929 |
| Oltchim Rm. Valcea (OLT.RO) | -40.5% | 2,766,915 |