News Parkiet

Equity markets

WIG20 retreats, futures contracts

decline

Polish stocks suffered a sharp reversal yesterday, with WIG20 index falling 0.39 percent just one day after it climbed to an all-time high of 2507 points. The index managed to add a few more points at the opening on Tuesday, but then fell as investors took their profits in oil stocks and other major issues. On the derivatives market, index-based futures contracts plunged almost 3.9 percent at one point in mid-morning trading when a big ?sell? order triggered an avalanche of stop-loss orders.

Building materials

Bolix not ready for IPO, owners say

Insulation systems manufacturer Bolix isn?t ready for a public listing, private equity fund Advent International says. ?It?s not the right moment?, Khai Tan from Advent says, adding that no firm IPO date has been set yet. The offering is already registered with the Polish SEC. Sources close to the situation said earlier that Bolix may seek to sell up to 200 million zloty worth of new and existing shares.

Stockbrokers

CDM Pekao crashes again

Thousands of investors using the services of CDM Pekao, one of Poland?s three largest stockbrokers were left stranded for hours yesterday after its IT system became overloaded by the number of stock orders. CDM, which has 17.300 online brokerage accounts suffered a similar failure in July because it didn?t have backup link with the stock exchange.

Textiles

Próchnik plans another stock sale

Publicly traded clothing company Próchnik has announced plans to sell up to 45 million new shares in a rights offering set to begin in early December. If the offering is successful it would double the number of outstanding shares of Łódź-based company. Based on yesterday?s closing price of 0.63 zloty a share, Próchnik may raise up to 30 million zloty.