The Central & Eastern Market Forum 2007 held on 18-19 January was the highlight of the month on the Warsaw Stock Exchange. This new WSE initiative was widely open to capital market participants including individual and institutional investors, Polish and foreign listed companies, potential issuers, and brokerage houses. The two-day event featured several debates of stock market experts, presentations by executives of listed companies, meetings with investor relationship experts, as well as workshops for individual investors.
Treasury Minister Wojciech Jasi?ski spoke at the Forum outlining the Ministry’s privatisation plans for the coming years and general approach concerning the future of the Warsaw Stock Exchange. Minister Jasi?ski ruled out a sale of WSE to a sector investor. He said that the Ministry was considering the sale of several stakes of 5-10% of WSE shares each to selected Polish institutional investors including financial institutions, investment funds, pension funds, and issuers. The State wants to keep 51% of votes in WSE. The Treasury will support WSE in its plans to acquire stakes in other European stock exchanges.
At the closing ceremony of the first day of the Central & Eastern Europe Market Forum 2007, WSE CEO Ludwik Sobolewski presented stock market participants with 2006 awards. The Warsaw Stock Exchange 2006 awards went to market participants who contributed to the growing attractiveness of the stock market by helping to build a liquid secondary market and primary market.
Five companies were floated on WSE in January, including 3 Polish private companies (IPOs), one company migrating from the MTS-CeTO (regulated off-Exchange market) and one foreign company. According to WSE’s forecasts, around 60 companies will enter the stock market in 2007.
An amendment of the Law on the tax on civil law transactions entered into force on 1 January 2007. The amendment exempts stock exchange transactions by WSE remote members from the tax.
The WSE Management Board granted AS SUPREMA SECURITIES (Tallinn) the status of Warsaw Stock Exchange IPO Partner. It was the fourth investment company to join the WSE IPO Partner Programme supporting WSE in acquisition and promotion in foreign markets.
On 16 January, the Polish Financial Supervision Authority (KNF) adopted a resolution supporting the implementation of regulations governing collective accounts and facilitating short sale and lending of securities. WSE is actively involved in the development of necessary solutions matching market expectations. The process is co-ordinated by the Finance Ministry under the aegis of the Financial Market Development Council. The new regulations are expected to enter into force in H2 2007.
On 23 January, WSE presented new rules for the structure and publication of stock exchange indices and sub-indices. The changes will enter into force on 19 March 2007. WIG20 will remain the large-cap index; the mid-cap index MIDWIG will be named mWIG40 and will cover 40 companies; the small cap index WIRR will be replaced by sWIG80, covering 80 companies smaller than WIG20 and mWIG40 companies.
On 31 January, WSE announced the denomination of all sector sub-indexes as of Monday, 5 February 2007. Each 10 index points will be converted into 1 new point. The change will affect all sector sub-indexes. The change of presentation of the sector sub-indexes will improve their transparency and simplify the process of analysis by stock investors.
As one of the signatories of the European Code of Conduct for Clearing and Settlement, WSE has completed the preparatory process and complies with the requirements of Phase I of implementation of the Code of Conduct (transparency of prices and fees). The Code introduces solutions improving the transparency of prices of services provided on the regulated market by clearing and depository institutions (cost of clearing and settlement) and stock exchanges (mainly transaction costs). WSE made a declaration of compliance with the rules of the Code of Conduct as of 31 October 2006.
More about the Code of Conduct…
- In January, WSE established co-operation with the Custodian Bank Council aimed at the introduction to the Polish market of improvements in electronic documentation of trading in financial instruments based on ETC (Electronic Trade Confirmation) standards. The initiative will enhance the effectiveness and competitiveness of the Polish market and foster the application of STP (Straight Through Processing).
- WSE undertook to develop a new Code of Best Practices of Listed Companies. The new Code will take greater account of the opinions of market participants. It will enter into force following the completion of stakeholder consultations.
- Throughout January, WSE was actively preparing to launch Nowy Rynek (New Market), a platform for the financing and secondary trading for small and medium-sized enterprises with a high growth potential. Nowy Rynek will operate outside the regulated market as an alternative trading system (ATS). This solution will support new companies by offering easier and more affordable floatation and listing on the stock exchange compared to the traditional regulated market.
WSE indices
|
Index
movements in December |
Year-to-date |
|
|
WIG20 |
6.0% |
6.0% |
|
MIDWIG |
13.3% |
13.3% |
|
WIG |
8.2% |
8.2% |
|
TECHWIG |
6.4% |
6.4% |
|
WIRR |
13.6% |
13.6% |
|
WIG-PL |
8.5% |
8.5% |
WSE
indices – all-time highs
|
Index |
Value
(points) |
Date |
|
WIG20 |
3,483.04 |
31.01 |
|
MIDWIG |
4,231.14 |
31.01 |
|
WIG |
54,558.15 |
31.01 |
|
WIG-PL |
54,640.92 |
31.01 |
|
WIRR |
14,443.48 |
31.01 |
|
WIG-BANKI |
78,746.13 |
31.01 |
|
WIG-BUDOWNICTWO |
94,606.77 |
31.01 |
|
WIG-MEDIA |
45,207.92 |
19.01 |
Stocks
with the highest return
|
The
highest stock returns in January |
|||
|
Company |
Price
on 29.12.2006 |
Price
on 31.01.2007 |
Change
% |
|
MOSTALEXP |
2.89 |
6.50 |
124.9 |
|
BUDOPOL |
3.96 |
7.32 |
84.8 |
|
MOSTALZAB |
4.11 |
7.56 |
83.9 |
Trading
activity
|
Stocks |
|
|
Value (mln PLN, based on contract
value) |
38
058 |
|
Volume (in million) |
1
478 |
|
Bonds |
|
|
Value (mln PLN, based on contract
value) |
314 |
|
Volume (in thousand) |
414 |
|
Futures |
|
|
Value (mln PLN, based on contract
value) |
40
303 |
|
Volume (no. of contracts) |
604
433 |
|
Options |
|
|
Value (mln PLN, based on contract
value) |
18.7 |
|
Volume (no. of contracts) |
17
934 |
Company
- debuts
|
Company name |
Date
of debut |
Number
of shares introduced |
Number
of allotment certificates introduced |
|
MEWA |
3.01 |
5
169 600 |
5 000
000 |
|
INFOVIDE - MATRIX |
11.01 |
|
1 300
000 |
|
PROCAD |
15.01 |
|
400
000 |
|
B3SYSTEM |
24.01 |
|
1
170 000 |
|
WARIMPEX |
29.01 |
36 000
000 |
|
Company
- delistings
|
|
Last
quotation date |
|
ASSECOPOL |
16.01 |
|
EKODROB |
26.01 |
Other
instruments – first / last quotation date
|
|
First
quotation date |
Last
quotation date |
|
Allotment
certificates |
||
|
FON-PDA |
|
2.01 |
|
SKOTAN-PDA |
|
2.01 |
|
BAKALLAND-PDA |
|
2.01 |
|
BYTOM-PDA |
3.01 |
|
|
CAPITAL-PDA |
|
5.01 |
|
IBSYSTEM-PDA |
10.01 |
|
|
LZPS-PDA |
11.01 |
|
|
SWISSMED-PDA |
11.01 |
30.01 |
|
ARTERIA-PDA |
|
11.01 |
|
MOSTALZAB-PDA |
|
11.01 |
|
PROJPRZEM-PDA |
15.01 |
|
|
TRASINTUR-PDA |
17.01 |
|
|
SWARZEDZ-PDA |
|
19.01 |
|
MASTERS-PDA |
|
23.01 |
|
LENTEX-PDA |
|
25.01 |
|
RUCH-PDA |
|
30.01 |
|
EUROTEL-PDA |
|
30.01 |
|
B3SYSTEM-PDA |
|
31.01 |
|
Subscription
rights |
||
|
TETA-PP |
8.01 |
16.01 |
|
DROZAPOL-PP |
8.01 |
12.01 |
|
INWESTCON-PP |
9.01 |
16.01 |
|
HUTMEN-PP |
15.01 |
23.01 |
|
PBG-PP |
18.01 |
19.01 |
|
MNI-PP |
24.01 |
30.01 |
|
Bonds |
||
|
DZ0107 |
|
4.01 |
|
TSTOB0807 |
|
12.01 |
|
PS0412 |
22.01 |
|
|
TZ0207 |
|
24.01 |
|
Investment
certificates |
||
|
SECUSIFIZ |
5.01 |
|
|
INVFIZ |
22.01 |
|
|
KBKEURFIZ |
|
26.01 |
Splits
|
Company |
Date
of split |
|
|
PCGUARD |
25.01 |
1:100 |
Change
of Exchange members names
|
Former name |
New
name |
Date |
|
FISCHER PARTNERS FONDKOMMISSION AB |
GLITNIR
AB |
1.01 |
Change
of company names
|
Former
name |
New
name |
Abbreviated
name |
Ticker
symbol |
Date |
|
ARKSTEEL |
PLATFORMA
MEDIOWA POINT GROUP |
POINTGROUP |
PGM |
9.01 |
|
NARODOWY FUNDUSZ INWESTYCYJNY PIAST |
BBI
DEVELOPMENT NARODOWY FUNDUSZ INWESTYCYJNY |
BBIDEVNFI |
BBD |
12.01 |
|
SOFTBANK |
ASSECO
POLAND |
ASSECOPOL |
ACP |
17.01 |
|
SIÓDMY NARODOWY FUNDUSZ INWESTYCYJNY im. Kazimierza
Wielkiego |
BBI
CAPITAL NARODOWY FUNDUSZ INWESTYCYJNY |
BBICAPNFI |
BBC |
18.01 |
|
HOGA.PL |
WASKO |
WASKO |
WAS |
24.01 |
