INA’s Share Price Soared 64 Percent

On the Zagreb Stock Exchange, by 11:30 AM, the Crobex index jumped about 9 percent, thanks to the resumption of trading in INA shares after a seven-day blockade.

At 11:30 AM, the Crobex index was up about 9 percent, at 2,063 points, što is its largest daily increase since October 2008 and reaching its highest level since May 13 of this year, when it stood at 2,081 points. The Crobex10 rose by 12.5 percent to 1,126 points, the highest level since June 28, when it was at 1,033 points. Regular trading volume reached 60 million kuna. As expected, INA was the most traded stock after trading in this share was unblocked. With a turnover exceeding 43 million kuna, the price of INA shares surged today by more than 64 percent, to 2,830 kuna. This is about 1 percent higher than the price offered by Mol.

„As expected, the price of INA shares soared in the first minutes of trading above 2,800 kuna, and given its weight in domestic stock indices, they have risen to their highest levels since before the summer,“ emphasizes Danijela Sporiš, broker and investment advisor at the investment company Credos. Trading in INA shares had been suspended, by order of Hanfa, since December 3, when Hungarian Mol announced an offer to purchase INA shares from small and institutional investors at a price of 2,800 kuna.

The surprisingly high buy order for INA shares highlighted this morning on the stock exchange, for more than 140,000 shares at a price of 2,830 kuna, is responsible for the large volume of today’s trading, adds Sporiš. A turnover exceeding one million kuna was also achieved with shares of HT, Dalekovod, Adris, and Uljanik Plovidba. With a turnover of 2.7 million kuna, the price of HT shares rose by 1.5 percent to 278 kuna. The price of Dalekovod shares, on the other hand, increased by 5.1 percent to 269 kuna. The price of regular Adris shares rose by 1.5 percent, while Uljanik Plovidba increased by 2.4 percent.

„Significant trading volume was achieved in the first two hours of trading and with other liquid issues, as it is expected that some investors will reinvest the money from the sale of INA shares back into stocks. The entire stock exchange has ‘breathed’ fully today, so it could end the year in a positive mood,“ concludes Sporiš. Thanks to today’s jump, the Crobex indices have erased all losses since the beginning of the year. Crobex is currently up about 3 percent, and Crobex10 more than 6 percent compared to the beginning of the year. (H)