The shares of the Proprietatea Fund (symbol:FP) have been rising from the beginning of the year (ed. note: 21.42%, compared to a 10.3% rise for the BET index), rising above 0.5 lei/share yesterday, for the first time in the last six months.
The rush began after the announcement that the government was almost out of shares in the Proprietatea Fund.
The shares of the Proprietatea Fund rose 3.66% for the thirteenth day in a row, and brokers say that the rises are owed to the good evolution of the overall market, as well as the interest displayed by foreign and domestic investors.
Last Thursday, "Manchester Securities Corp" acquired 0.96% of the Proprietatea Fund (symbol: FP), in exchange for 63.12 million lei (14.68 million Euros). As a result, American hedge fund "Elliot Associates" increased its exposure to the "Proprietatea Fund", after it had announced, in the beginning of the month, that it indirectly owns 12.5%, through "Manchester Securities" and "Beresford Energy Corp".
* Mihai Mureşian: "Investors are waiting for the dividends promised by the company"
Mihai Mureşian, head of trading at "Intercapital Invest", said that "one of the main reasons behind the recent rise of the shares of the Proprietatea Fund is the fact that the market did well in the beginning of this year". He also said that another reason behind the rise is the fact that investors are waiting for the company to pay out dividends.
* Vlad Zaharia: There are questions whether the rise is sustainable
Vlad Zaharia, trader at "Swiss Capital", considers that the price of the shares of the Proprietatea Fund has been rising strongly due to increasing interest from all the domestic and international shareholders.
"Also, the deal involving 1% of the share capital of the Proprietatea Fund (ed. note: conducted by < Manchester Securities Corp >) was an importan