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1520 01July2009 - RusHydro up as pre-emptive rights end
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Russian hydro power producer RusHydro rises 14.18 percent to
1,3370 roubles, its highest level in one month, as pre-emptive
rights on a new share issue were set to expire, lifting a weight
off the price of the popular stock.
Citi recommended clients switch out of another state
controlled utility, the Federal Grid Co <FEES.MM>, at risk of
low tariff hikes, into RusHydro. The grid company rose 2.24
percent, underperforming the MICEX <>, up 4.21 percent.
"The June 20 percent correction is mostly explained by
portfolio reshuffling due to pre-emptive rights existing
shareholders were entitled to buy shares at one rouble which was
below the market," Citi said.
"These rights should expire tomorrow on July 2nd."
(olga.popova.reuters.com@reuters.net)
1120 01July2009 - Mostostal Zabrze jumps on possible deal
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Polish builder Mostostal Zabrze <MZAB.WA> jumps as much as
6.4 percent on news a consortium in which it takes part together
with the local arm of Germany's Hochtief <HOTG.DE> placed a
lowest bid to build a roof over Slaski stadium in Southern
Poland.
The company said its 334 million zloty ($106.3 million) bid
was the most attractive among six bidders.
rm://adrian.krajewski.thomsonreuters.com@reuters.net
1004 01July2009 - TPSA up on dividend, buyback hopes
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Poland's largest telecom operator TPSA <TPSA.WA> leads
Warsaw bluechips higher with a 3.5-percent gain on hopes the
company could soon decide to pay an additional dividend or
launch a new share buyback.
"The company is to decide whether to go for additional
dividend or buy-back, so some investors have stepped in," said a
Warsaw trader.
The trader said TPSA was also boosted by its defensive
status as some investors worry that the markets may be losing
ground in the coming sessions.
Last month, TPSA's head of investor relations told Reuters
the Polish unit of France Telecom <FTE.PA>, might decide on on
extra dividend payout of as much as 0.50 zlotys per share or a
share buyback worth up to 700 million zlotys ($223 million).
The group will make its decision by the end of July. Earlier
this year, it proposed a dividend payout of 2 billion zlotys, or
1.5 zlotys per share, from its 2008 profit.
rm://adrian.krajewski.thomsonreuters.com@reuters.net
1008 01July2009 - Wood&Co cuts NG2 to "hold" from "buy"
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Wood & Co. brokerage downgrades Polish shoe retailer NG2
<CCCC.WA> to "hold" from "buy" and maintains a price target of
42 zlotys after the chief financial officer's downbeat comments
about second quarter results in a Reuters interview.
"Although the weak second quarter should be no surprise to
the market, our guess is that NG2 is starting to fret about
reaching its unofficial guidance for 2009 and we would expect
the stock to trade down on the negative news about limits to
expansion plans," writes analyst Annie Krasinska.
NG2 shares closed at 39 zlotys on Tuesday.
rm://piotr.bujnicki.thomsonreuters.com@reuters.net
($1=3.143 Zloty)
