* The Proprietatea Fund, new all-time high
* Shares of "Nuclearelectrica" rise 5.1%
The stock market showed signs of liveliness, with rising volumes and quotations, yesterday, in its first session after the results of the Romgaz IPO were announced.
All the indexes of the stock market rose yesterday, amid higher than usual volume, of 54.6 million lei (12.3 million Euros), 127% higher over the previous session.
Brokers say that this increase in volume is due to the funds set aside for the Romgaz IPO being returned to investors, which according to them are going back into stocks.
The allocation index on the small tier of the Romgaz IPO is 0.7519, and according to the prospectus, the oversubscribed amounts will be returned to investors within five working days from the last day of the IPO, which was last Thursday.
According to Mihai Mureşian, head of trading "Intercapital Invest", even if the Romgaz investors have not yet received back the oversubscribed amounts, investors have already begun rebuilding their portfolios, because trades are usually settled after three days, in other words on the day when the return of the oversubscribed money will be confirmed.
Nicu Moroianu, executive director of BT Securities, ascribes the increase in volume to the fact that autumn stock buying was postponed due to the two awaited offers, Nuclearelectrica and Romgaz.
He also considers that after the allocation of the shares in the Romgaz IPO, investors know what kind of shares they have available, so that they can buy stocks while the prices are still low.
Another reason behind the increase in liquidity, according to Mr. Moroianu, is the fact that companies are publishing their nine-month earnings, which can influence the decisions of the investors.
Considering the forecasted economic growth in Romania, the executive director
