News Parkiet

Equity markets

It?s just a correction, analysts say

Polish stockmarket is likely to continue its two-year rally despite this month?s sell-off, equity analysts say. WIG20 blue chip index trades 11 percent below its October 3 peak of 2565 points after yesterday?s 2.3 percent decline. Analysts at CA IB Securities estimate that based on the fair value of Poland?s biggest stocks, WIG20?s fair value is around 2300 points.

Chemicals

Pulawy drops on IPO

Rights to shares of Zakłady Azotowe Puławy fertilizer maker fell sharply on their first day of trading, closing at 51.1 zloty, some 3.9 zloty or 5.37 percent below their IPO price of 54 zloty. State-owned chemicals group raised some 300 million zloty selling almost a third of the company to IPO shareholders.

Media

TVN reports stronger EBITDA margins

Private broadcaster TVN said that third-quarter sales were up 24 percent, implying that revenues in the three months to October totaled some 173 million zloty, or 53 million dollars. EBITDA margins topped 20 percent, TVN said from 17 percent a year ago. The group, whose shares are listed on the Warsaw Stock Exchange, said its prime-time ratings in the key 16 to 49 years age group rose 4.2 percent to as much as 27.9 percent. TVN said new fall season lineup and last month?s Sopot music festival contributed to stronger 3Q sales.

Real estate

Acciona Inmobiliaria to boost

Polish sales

Spain?s Acciona Inmobiliaria, real estate subsidiary of Acciona group, said it plans a five-fold increase in sales by its new Polish unit Mostostal Invest by 2010. The developer, which paid some 30 million zloty for a stake in Mostostal Invest in a deal that closed just last week, said it would seek to boost MI?s sales to at least 90 million euros. Acciona Inmobiliaria is already building three office towers in Warsaw?s Wola district. The project is expected to cost 76.4 million euros.