Warsaw Stock Exchange

Initial public offerings, especially those tied to privatisations by Poland’s treasury ministry, have the reputation for being money spinners, but there is no such thing as a risk-free investment, as punters are learning on Wednesday on the Warsaw Stock Exchange. The shares in Energa, the country’s third largest power distributor, sagged in the first hours of trading.

Energa launched on the WSE in a privatisation worth 2.4bn zlotys ($787m), the bourse’s largest IPO in two years. Read more

Carrying cargo may appear to be dull but worthy work, but there is also a lot of money in it, as investors in PKP Cargo, the Polish rail cargo carrier, found out during the company’s Tuesday IPO.

The share price closed up 19.4 per cent at 81.16 zlotys ($26.70), up from its initial offering price of 68 zlotys.

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Laying the groundwork for the largest initial public offering this year on the Warsaw Stock Exchange, PKP, the Polish state railways announced on Wednesday that it was setting a 68 zlotys ($22.30) share price for PKP Cargo, its freight subsidiary.

PKP is selling just under half of the shares in PKP Cargo in a transaction valued at 1.4bn zlotys. The money will go towards reducing PKP’s 4bn zlotys in debt, of which 1bn zlotys is coming due. Read more

The Warsaw Stock Exchange has long been hunting for new listings far beyond Poland’s borders, but if it looks much further than its latest new IPO it will fall into the Pacific Ocean.

The exchange’s newest listing comes from China – Peixin International Group, a manufacturer of paper products like sanitary napkins and diapers. Read more

The Warsaw Stock Exchange has had a lacklustre year in terms of new issues. But it could end 2013 with a bang with the planned IPO of PKP Cargo SA, the country’s largest rail cargo operator and the second largest rail freight carrier in the EU. Read more

The Warsaw Stock Exchange was the worst performer in the world on Thursday, the result of dramatic changes to the country’s pension system announced a day earlier which removed a key support for equity values.

The WSE’s broad WIG index was down by 4.16 per cent – that follows a 2.14 per cent retreat on Wednesday. Read more

The Warsaw Stock Exchange is to launch a new, expanded WIG30 index of its 30 largest and most liquid listed companies next month.

The WSE hopes the move will boost interest among investors in the additional 10 stocks. It also hopes more of the biggest companies in central and eastern Europe will want to be listed on it. Read more

Capitalism is supposed to be all about second acts – getting up after failing, and using the experience to do better the next time around. That’s the path taken by Ludwik Sobolewski, fired as head of the Warsaw Stock Exchange after a conflict of interest scandal who is now taking over the stock exchange in Bucharest.

Sobolewski brings experience and a bit of star power to Bucharest, which is growing well but is still a much smaller exchange than the one he leaves behind in WarsawRead more

Normally, when a country’s president weighs in on a potential merger of national stock exchanges, the response is enthusiastic.

But the unexpected backing by the Czech Republic’s Milos Zeman for a merger of the Prague and Warsaw stock exchanges has instead sown confusion into central European capital markets. Read more

The Warsaw Stock Exchange is tightening the screws on its often-unruly younger sibling, the New Connect alternative market for small companies, by halting trading in 14 companies that failed to file their quarterly reports on time.

The earliest the 14 can return to the trading floor is Thursday – if they get their paperwork in no later than the end of Tuesday. Read more

A quiet day on the Warsaw Stock Exchange on Tuesday as it shut its doors to digest the results of its first day of a new trading system supplied by the NYSE.

The Universal Trading Platform (UTP) dramatically ramps up the WSE’s ability to trade shares – it allows for as many as 20,000 transactions a second, while the old system, called Warset, topped out at about 850 orders a second. Read more

The old adage about getting further with honey than with vinegar holds true for flies, and looks to be just as valid for stock exchanges, as Warsaw’s exchange begins to flirt with its long-time rival in Vienna.

Bloomberg broke the news on Tuesday that the two were in talks. It looks as though discussions are still very preliminary, but the fact that they are talking and not hissing at each other is a big change – largely due to a change at the top of the WSE. Read more

The turbulent global economy seems not to be harming the prospects of International Personal Finance, a small cash loan company with operations across central Europe and Mexico, which expects double digit revenue growth this year.

Gerard Ryan, the company’s CEO, talked to beyondbrics on Wednesday, on the day the company launched a secondary listing on the Warsaw Stock Exchange, marking Poland’s status as IPF’s largest market, with 820,000 customers. Read more

Poland’s real estate sector has been a little lacklustre in recent years, but that has not not dissuaded investors from taking a flyer on PHN, a government controlled property holding which had its IPO on the Warsaw Stock Exchange on Wednesday.

Shares were up by 7.4 per cent to 23.62 zlotys ($7.67) on the WSE, valuing the company at just over 1bn zlotys. Read more

Adam Maciejewski, the new head of the Warsaw Stock Exchange (pictured), is promising to be a much lower key executive than his predecessor – probably a good thing after Ludwik Sobolewski was fired this week after being accused of trying to solicit funds from listed companies to invest in a movie starring his girlfriend.

Although he has been involved with the WSE since 1994, the quick choice of Maciejewski to replace Sobolewski was a bit of a surprise – though the fact that an insider and not a politician got the job was reassuring for market participants. Read more

The Warsaw Stock Exchange on Thursday dismissed its high-profile chief executive, Ludwik Sobolewski, according to Polish media reports.

He was suspended last month following a probe into claims he allegedly sought funds from listed companies for a film involving his girlfriend and entitled “Pharoah’s Curse”. Acting CEO Adam Maciejewski takes over. Read more

At first glance, Friday’s stock market launch of Czerwona Torebka – a Polish shopping centre operator – was good news, with the stock jumping by more than 50 per cent on the Warsaw Stock Exchange.

But a closer looks reveals a more troubling story which shows some of the problems that have been besetting the WSE this year. Read more

Ludwik Sobolewski (left), head of the Warsaw Stock Exchange since 2006, was suspended late Friday “for compelling reasons” by a hurriedly convened management board meeting.

The exchange’s brief statement on the suspension did not give a reason for the decision, but the Polish press reports that Sobolewski had been linked to a controversy over the financing of a film about the stock exchange. Read more

The Polish government is going ahead with the largest initial public offering on the Warsaw Stock Exchange in the last year, the sale of its 50 per cent stake in the country’s fifth-largest power producer ZE PAK, according to a prospectus released on Wednesday.

PAK’s shares will be valued at a maximum 33 zlotys ($10.44) each, which will earn the treasury as much as 858m zlotys ($260m), a large boost as it seeks to meet its target of selling 10bn zlotys in state assets this year. So far this year the ministry has sold 8.1bn zlotys in assets. Read more

When a company’s founder, manager and leading shareholder decides to sell a big chunk of shares, smaller fry head for the exits – which is what happened on Wednesday on the Warsaw Stock Exchange after Luiz Amaral surprised the market with a decision to sell a 7 per cent stake in Eurocash, Poland’s second largest distributor of fast-moving consumer goods. Read more