Fondul Proprietatea shares reach new historic maximum

The Bucharest Stock Exchange (BVB) went up 1.06 pc in the first half-hour of trading, in a market where Fondul Proprietatea (FP) soared 1.18 pc to a new historic maximum, Mediafax informs. The market thus goes towards the sixth consecutive session of increase. In the previous five sessions the general index BET-C gained a cumulated 5.25 pc. FP shares exceeded Wednesday the previous historic peak registered the day they were listed, on 25 January 2011, when they traded as high as 0.675 RON/unit. Greg Konieczny, Fund Manager of Fondul Proprietatea, commented: “This is a historic moment for our shareholders and for our team and I believe it is an important event for the local market, as the Fund’s success reflects on Romania’s attractiveness as an investment destination. We have worked hard to unlock value for our shareholders and we remain committed to our long-term vision for Fondul Proprietatea. To this end, we will continue our actions aimed at increasing the NAV per share and at reducing the discount to NAV, such as executing our buy-back programme and remaining actively involved in the operations of our portfolio companies.”
Brokers believe that a factor that contributed to this appreciation is BNR’s decision to lower the key interest by 0.5 pc, to 4.5 pc per annum, comments. Simion Tihon, broker with ‘Prime Transaction’ said: “I think there were several factors that contributed to this appreciation of FP shares.”

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