Bucharest Stocks Rise In Early Trade, Fondul Proprietatea Propels Traded Value

05.15.2013 By Bogdan Neagu

The Bucharest stock exchange was up 1% in early trade Wednesday, but OMV Petrom (SNP.RO) was among the very few stocks falling in red territory, after yesterday’s announcement of a 4% fall in first-quarter net profit.

The Bucharest bourse’s BET index was up 1% at 10:30 local time (GMT0730), with Fondul Proprietatea (FP.RO) trading up 1.9%, and Transelectrica (TEL.RO) rising 3.3% after it reported a doubling of its profit earlier Wednesday.

The state-owned power grid operator posted a first quarter net profit of 91.75 million lei (EUR20.9 million), more than double compared with RON45 million in the same period of 2012.

BRD (BRD.RO) and Transgaz (TGN.RO) traded up 1.5%, while Banca Transilvania (TLV.

Composite index BET-C was up 0.7%, while Bucharest benchmark index BET-BK was up 1.35%

BET-FI gained 2.2% as the regional investment funds (SIFs) were posting increases between 1.4% and 3.4%.

The traded values were at around RON9.4 million (EUR2.2 million) at 10:30, with almost RON6 million coming from trades with Fondul Proprietatea shares. (EUR1=RON4.3311)