News Parkiet

Currency market

Zloty keeps gaining on euro, US dollar

Zloty can only get stronger against main global currencies, economist say after watching the currency appreciate over the last few months. Polish unit rose to 4.28 zloty per euro yesterday, the highest in over a year.

FDI inflow into Poland, which is partially responsible for recent strength of the zloty, is set to rise by a third to an estimated eight billion US dollars this year.

Power industry

Rafako eyes new orders

from ex-Yugoslavia

Rafako power plant contractor is negotiating contracts to renovate three power plants in the former Yugoslavia it has originally build years ago. One project to rebuild local power plant in Pristina, the capital of Serbian province of Kosovo, could cost an estimated 30 million zloty, sources close to the situation told PARKIET yesterday.

Separately, a consortium of Alstom and Rafako has made a joint bid to build two 600-Megawatt power blocks at an unnamed power plant in Italy.

Telecommunications

New ratings for Netia

Two major brokerage houses resumed their coverage of Netia SA, Poland?s second local phone company. Deutsche Bank?s DB Securities has a ?buy rating with PLN 4.66 target price for Warsaw-based telco, noting that Netia could benefit from the expansion of data transmission services. Dom Maklerski BZ WBK has issued an ?accumulate? rating with a twelve-month target of PLN 4.56 zloty. Netia?s shares closed at 4.09 zloty yesterday, sliding 0.5 percent along with the rest of the market.

Chemicals

Final countdown

before Ciech IPO begins

Ciech SA, a former communist-era foreign trading company specializing in chemicals and the production of ash soda, may be listed on the Warsaw bourse after weeks of delays because of incomplete IPO filing data. State-controlled firm plans to sell stock to the public in mid-December. SEC clearance is expected by November 9.