SIFs stocks' quotations have been boosted by the seven binding bids submitted in BCR's (Romanian Commercial Bank) privatization process, where SIFs hold a share package of 30 percent, Ziarul financiar daily reports.
BET-FI Index that follows SIFs evolution attained on Tuesday a new historical peak, hauling other shares traded on the market.
BET Index concluded the day inching up another 2 percent, especially due to the increase of Transylvania Bank and BRD (Romanian Bank for Development) shares' value that reached on their turn a new historical peak, joined by Petrom and Petromidia, as well. SIF Oltenia and SIF Moldova posted the biggest jump in their trading value, with almost 6 percent each.
SIF Oltenia consolidated its most expensive position among SIFs.
SIF Muntenia increased 4.6 percent, whereas the other two SIFs (Transylvania, Banat-Crisana) - 3.4 percent each.
In a single day, SIFs market value advanced by 70 million euros. Goldman Sachs analysts assessed BCR between 3.8 and 5.8 billion euros worth.
But the total value of the bank is going to be provided by the amount an investor is ready to pay.
At a value of 4 billion euros, the share package owned by each SIF in BCR could amount at 240 million euros, therefore more than two thirds of each SIF's value, under conditions in which they also own other important share packages, the newspaper also writes. The prospect of BCR's privatisation at a good price also boosted the value of other banks' shares on Bucharest Stock Exchange (BVB).
In analysts' opinion, BCR's selling price is going to play a key-role in the evaluation of all BVB listed banks. Transylvania Bank shares closed Tuesday session up 2.7 percent as against the previous day, following a strong upward trend in the recent weeks. In less than three weeks, the bank's overall value jumped by more than 10 percent.
Transylvania Bank could be the following target for foreign banks that aim at entering the Romanian market, especially those set to loose the BCR's race.
Investors also stake on the free shares the bank could distribute again in the spring next year, but also on a new eventual share capital increase.
In addition, BRD stock reached a new historical peak, going beyond 2.5 billion euros.
Petromidia closed at the highest quotation reached in the last six months.
But Petrom gained only 1.4%, an evolution that contradicts the general trend on the market.
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