Romgaz Opens Up 20% In Bucharest, Eases Gains Later

Update 11.12.2013 By Bogdan Neagu

The shares of Romgaz (SNR.RO) opened up almost 20% in the first day of trading in Bucharest, after last month’s initial public offering.

Romgaz opened at 35.85 lei (EUR8) a share, up 19.5% compared with the price for institutional investors in the IPO that run between October 22 and 31. The opening price was even higher than the price for retail investors, who bought the shares at RON30 per unit (with discounts in the first days of the offering that took the final price to RON28.5 and RON29.1).

The interest for trading Romgaz shares was high, with transfers reaching RON15.3 million after five minutes of the session.

By mid-day, Romgaz traded at around RON34.3 per share, on a traded value of RON55 million.

With the focus on Romgaz, the other shares posted minor variations, and the bourse’s indexes were slightly moved.

At around 13:00 local time (GMT1100), the BET index was up 0.29%, while composite index was gaining 0.36%. Investment fund tracker BET-FI was up 0.22%, while Bucharest benchmark index BET-BK was up 0.3%. Energy stocks tracker BET-NG traded 0.13% higher.

Besides Romgaz, only Nuclearelectrica (SNN.RO), Fondul Proprietatea (FP.RO) and OMV Petrom (SNP.RO) were the only stocks that amassed some interest, posting traded values higher than RON1 million. The bourse’s total traded value was RON63.5 million (EUR14.2 million) at 13:00, with Romgaz accounting for almost 90%. (EUR1=RON4.4545)