The main index of the Bucharest Stock Exchange BET, which tracks the evolution of the top 17 listed companies on the local market, gained 15.67% in the first four months of this year.
In April, the BET consolidated above the level of 11,000 points, which it crossed for the first time at the end of March, without significant gains. The advance of BETs in April was only 1.36%. However, this development came after a 9.7% increase in March that took BET to new all-time highs.
Nine of the constituents of BET outperformed the index. The best performers were the manufacturers of building materials Teraplast (TRP), which gained nearly 88% in the first four months, thanks to the good results and the exceptional dividends that it will distribute on the profit of the first quarter generated by the sale of its Steel division.
The shares of the state-owned nuclear power producer Nuclearelectrica (SNN) grew 54% thanks to strong earnings and a high dividend. Aluminum producer Alro Slatina (ALR) also gained 43% despite the company’s decision not to pay dividends on the 2020 net profit. Wine producer Purcari (VIN) saw its shares rise nearly 28%, followed by oil company OMV Petrom (SNP) by 25% and oil pipeline operator Conpet (SIDE) 22%. Real estate fund (FP) also gained nearly 20%.
At the other end of the spectrum, the pipeline operator’s shares Transgaz (TGN) and electricity network operator Transelectrica (TEL) significantly underperformed the market, with gains of less than 5%. Telecom operator Digi Communications (DIGI) is in the same situation. The two most popular banks Banca Transilvania (TLV) and BRD also underperformed BET.
In the first trading session in May, BET hit a new all-time high of over 11,500 points and was up 1.8% from the previous close. OMV Petrom (SNP) and Banca Transilvania (TLV) were the main growth drivers. Banca Transilvania announced that its net profit doubled in the first quarter of 2021 compared to the same period of 2020.
The first quarter results are likely to be the main market drivers in May. Investors also expect the first quarter GDP reading to arrive in mid-May.
(Photo source: BVB)
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