PZU shares rocket

14th May 2010

The Warsaw stock exchange witnessed its biggest ever initial public offering when shares of insurance giant PZU started trading on May 12.

Despite fears that the market volatility stemming from the Greek financial crisis could hamper the sell-off, traders moved quickly to snap up shares in the company, driving up the price.  

PZU shares jumped more than 15 percent from their original set price of PLN 360 on the first day of trading, hiking up the value of the company to an estimated PLN 31 bln.

“If the positive mood seen on May 12 lasts on the market I expect a decent gain of above 10 percent,” Maciej Bombol, chief investment officer of ING Investment Management SA, the third- ...