Romania’s stock market index reaches six-year high

Romania’s main stock index, the BET, which reflects the evolution of the most important ten local companies listed on the Bucharest Stock Exchange (BVB), passed the 7,000 points level on Monday, June 30, closing at its highest level in more than six years. The BET gained almost 2 percent on Monday, on higher volumes. This comes after Romania’s largest electricity distributor Electrica managed to successfully close an initial public offering (IPO) last week in which it raised EUR 444 million from local and foreign investors. This was the largest IPO in the history of the Romanian capital market and briefly put the Bucharest Stock Exchange on the radars of international investors. One week before, Romanian investment fund Fondul Proprietatea successfully placed a 5 percent stake in state owned gas producer Romgaz for EUR 146 million. Local brokers are saying that this is one of the best periods the Bucharest Stock Exchange has seen in recent years. Romgaz shares gained 1.91 percent on Monday, while the shares of state owned gas transport company Transgaz were up 3.26 percent. Also, shares of oil & gas company OMV Petrom ended the day with a 3.1 percent gain. Andrei Chirileasa, andrei@romania-insider.com