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1016 12Sept2008 Unipetrol drops on news of no quick buyback
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Unipetrol <> drops 4 percent after news the refiner
is not planning a share buyback at the moment.
Unipetrol's chief financial officer told Reuters on Thursday
a buyback was not on the agenda at the moment, and could be
discussed at the earliest at an annual shareholder's meeting
next summer.
The company has also posted disappointing results this year,
dealers said.
"Some investors were holding out for a buyback as a sole
driver of the stock in time of bad (financial) results," said
Jan Langmajer, head trader with Atlantik FT brokerage.
1010 12Sept2008 Raiffeisen cuts PKN, Unipetrol
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Raiffeisen cuts Poland's largest oil refiner PKN Orlen
<PKNA.WA> to "reduce" from "hold" and downgrades PKN's Czech
subsidiary Unipetrol <UNPEsp.RP> to "hold" from "buy".
In a report dated September 10 the brokerage cuts its target
price for PKN to 30 from 38 zlotys, with the price for Unipetrol
down to 210 from 300 Czech crowns targetted previously.
PKN rises 1.4 percent to 32.45 zlotys, while Unipetrol falls
4.13 percent to 188 crowns.
rm://adrian.krajewski.thomsonreuters.com@reuters.net
0950 12Sept2008 CEZ, NWR gain on commodity rebound
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Czech power group CEZ <><CEZP.WA> leads the Prague
rally with gains of nearly 4 percent as sentiment toward
commodity-driven stocks rebounds, with investors also looking to
an earlier than expected share buyback.
Chief finance officer in CEZ, which fell to a 13-month low
this week, told Reuters on Thursday the group could start with a
repurchase programme by December rather than at the beginning of
2009 as it was planned earlier.
A recovery in the commodity sector also boosts New World
Resources (NWR) <NWRSsp.PR><NWRS.WA>, with shares rising 7.2
percent. The miner is down 46.1 percent from a July record, and
trades 23.7 percent below its May IPO price.
rm://jason.hovet.thomsonreuters.com@reuters.net
0937 12Sept2008 KGHM rises on higher copper prices
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Europe's largest copper miner KGHM <KGHM.WA> jumps almost
4.0 percent after a rise in copper prices helps the company
recover part of its recent losses.
Warsaw's blue-chip WIG20 index <> is up 1.2 percent on
the day, with KGHM the biggest boost for the gauge.
rm://adrian.krajewski.thomsonreuters.com@reuters.net
