The shares of OMV Petrom (SNP), the largest Romanian company, climbed by an unexpected 9% in yesterday's session, amid a trading volume of 1.8 million euros, the highest in six months.
The company's capitalisation therefore rose by 360 million euros to 4.39 billion euros.
Erste Bank also announced yesterday it had increased its target price for Petrom shares from 0.31 RON to 0.32 RON. On the Stock Exchange SNP shares closed at 0.317 RON.
The increase surprised the entire market, considering that the company has not released any official report over the last few days likely to generate such a reaction among investors, with brokers saying it was generated by the progress achieved in negotiations between Austrian-held OMV and Government representatives on an around 1 billion-euro capital increase that the company intends to carry out this year. "I think several factors are involved: the discussion on a prospective capital increase, a slight rise in the interest in Romanian shares, as well as the fact that SNP shares had failed to see a spectacular rise of late. The price rise was amplified by speculators and by the low liquidity," explained Razvan Pasol, president of Intercapital Invest.
The shares of OMV Petrom (SNP), the largest Romanian company, climbed by an unexpected 9% in yesterday's session, amid a trading volume of 1.8 million euros, the highest in six months.
The company's capitalisation therefore rose by 360 million euros to 4.39 billion euros.
Erste Bank also announced yesterday it had increased its target price for Petrom shares from 0.31 RON to 0.32 RON. On the Stock Exchange SNP shares closed at 0.317 RON.
The increase surprised the entire market, considering that the company has not released any official report over the last few days likely to generate such a reaction among investors, with brokers saying it was gen
