The average prices of Romanian blue chip companies listed at the Bucharest Stock Exchange rose by 2.2% on average on July 5, after the end of the Hidroelectrica (BVB: H2O) IPO subscription period left individual investors with RON 4.3 billion (EUR 860 million) in their trading accounts.

Oil and gas major OMV Petrom (+5.7%), the electricity utility group Electrica (+4.9%) and Purcari winery (+4.8%) were the main winners of the day when investors had to decide on the utilisation of the money previously mobilised for Hidroelectrica IPO.

But the upward shift has probably not ended.

"The H2O share allocation was like opening a bottle of champagne: it released the pressure felt in the market in recent months. Now that the H2O shares were allocated, the rest of the money has been released, and most of it is invested in shares with potential. I believe shares' prices will keep rising in the coming period", explained Dragoş Mesaroş, trading director of brokerage Goldring, quoted by Ziarul Financiar.

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)