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1254 GMT - Developers Orco, ECM rebound after steep
drops
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Czech developers Orco Property Group <> and ECM
Real Estate Investment <> are among the biggest gainers
in Prague in early afternoon trade as some investors buy
recently discounted shares.
Orco is up 3.1 percent, ECM 5.0 percent.
Orco was boosted by a report cititing CEO as saying the
developer could see net asset value (NAV) -- the book value of
assets less liabilities, which is seen as key for the price of
its stock -- rising 10 percent annually at the end of the year.
He also said the company will spend up to 50 million euros to
buy back its own shares.
Both companies hit all-time lows last week. Orco shed 62
percent over the past year, while ECM tumbled 65.6 tracking
losses for the real estate sector, following the U.S. subprime
mortgage crisis outbreak.
For more news on Czech real estate stocks companies double
click []
0920 GMT - LPP falls on Artman deal issue
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Polish clothing retailer LPP <LPPP.WA> falls as much as 4.8
percent to their lowest level since January on worries it might
have to take on more debt to finance its purchase of rival
Artman. By 0920 the stock retreated 2.1 percent to 2057 zlotys.
LPP agreed to buy Artman in a complicated deal that involved
a cash payment and a purchase of LPP shares by Artman's
shareholders. The Artman investors was to take up to 80,000 LPP
shares, but will buy only 40,000.
"The news is negative because LPP will have to take on
additional 94 million zlotys in debt because that's how much
that 40,000 shares would be worth," said Ludomir Zalewski,
analyst at PKO BP. "This would be cash coming back to the
company."
Artman is worth $171 million, while LPP's market
capitalisation stands at $1.6 billion.
For more M&A news from Poland double click []
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0805 GMT - Kopex gains on $85 mln contract in China
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Shares in mining equipment maker Kopex <KOPE.WA> gain as
much as 5.5 percent and are up 4.0 percent to 28.60 zlotys after
the company and local rival Famur <FMFR.WA> sign an $85 million
contract to build safety equipment for Chinese mining group
Shenhua-Ningxia.
Kopex has a market capitalisation of nearly $900 million.
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0754 GMT - NWR jumps 6 pct on upbeat recommendations
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Shares in Czech coal miner New World Resources <NWRS.L>
<NWRSsp.PR> surge 6.2 percent to 544 Czech crowns, their highest
level in nearly two weeks after positive recommendations.
"The recommendations are definitely the factor that move the
stock up," said Petr Bartek, an analyst with Erste Bank.
"It's a game with the price of coal... Contracts for 2009
include higher prices than we expected."
But he added the company, whose shares are up 22 percent
since its IPO in May, still needs to prove its reserves are big
enough and can make progress with its projects in Poland.
The Dutch-registered group is listed in London, Prague and
Warsaw, with its actitivies concentrated in the Czech Republic.
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0719 GMT - Cazenove starts NWR at 'outperform'
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Cazenove starts miner New World Resources <NWRS.L>
<NWRSsp.PR> with an 'outperform' rating. Earlier on Monday,
Morgan Stanley inititates coverage at 'overweight' and a price
target of 2300p.
The Dutch-registered group is listed in London, Prague and
Warsaw, with its actitivies concentrated in the Czech Republic.
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0655 GMT - Citigroup raises PKO BP, Polimex to 'buy'
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Citigroup raises its ratings of Poland's second largest bank
PKO BP <PKOB.WA> and construction group Polimex Mostostal
<MOSD.WA> to "buy" from "hold".
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