Energy Sector Lifts Bucharest Bourse In Early Trading

04.30.2014 By Bogdan Neagu

The Bucharest stock exchange rose in the first minutes of trading Wednesday, supported by good performances of energy stocks.

At 10:30 local time (GMT0730), the Bucharest market’s BET index was up 0.94% from Tuesday closing, while composite index BET-C was gaining 0.86%.

OMV Petrom (SNP.RO) was up 1.6%, Romgaz (SNG.RO) was gaining 1.1%, while Transelectrica (TEL.RO) traded 3.6% higher, after the companies approved the payment of increased dividends.

Bank stocks were also on the rise, with BRD (BRD.RO) up 1.2%, and Banca Transilvania (TLV.RO) increasing 0.6%.

Bucharest benchmark index BET-BK was up 0.3%, but BET-FI, which tracks the main investment funds, was down 0.16%.

Fondul Proprietatea (FP.RO) inched 0.2% higher, but SIF Moldova (SIF2.RO) fell 4% after the fund’s shareholders rejected the dividend proposal.

BET-XT was up 0.69%, while energy sector index BET-NG posted the highest gain, of 1.2%.

The traded values were still reduced but higher than in recent sessions, with share transfers of 1.8 million lei (EUR0.4 million) by 10:30. The energy stocks were the most sought after in early trading. (EUR1=RON4.4403)