The shares of Rompetrol Well Services (PTR) rose 7.78 percent yesterday, to RON 1.94 (€0.61) per share on the Bucharest Stock Exchange (BVB), although brokers were expecting a drop to RON 1.63 (€0.51).
The shift in the price of shares was due to a share capital increase, with the incorporation of profits and distribution of more than 46.3 million shares. Tuesday was the last day on which the acquisition of PTR shares allowed investors to take part in the share capital increase, and the price rose to RON 2.44 (€0.77) per share. After the capital increase was finalized, the appetite of investors for PTR decreased on Wednesday, so prices predictably dropped to RON 1.8 (€0.57) per share.
"The usual drop in such conditions stopped sooner and higher than expected. Moreover, the amount of yesterday's price recovery can only be supported by high interest in the company's shares," according to Iebatrust brokerage company General Manager, Catalin Mitu.
The main shareholder of Rompetrol Well Services is Netherlands-based The Rompetrol Group NV, with a 51 percent stake. The company currently controls several upstream services, and posted net income worth €2.82 million in 2006. Its market capitalization amounts to €57.3 million, without the new share issue, double that of five months ago.
