Bloomberg News

Polish Stocks: KGHM, Grupa Lotos, Polskie Gornictwo Shares

December 16, 2011

Dec. 16 (Bloomberg) -- Poland’s WIG20 Index fell for a third day, losing 45.29, or 2.1 percent, to 2,116.03 at the 5:30 p.m. closing in Warsaw. The measure has slumped 5 percent this week.

The following are among the most active stocks on the Warsaw Stock Exchange today. Stock symbols follow company names.

KGHM Polska Miedz SA (KGH PW), Poland’s sole copper and silver producer, slumped 3 percent to 105.2 zloty, the lowest level since August 2010. The stock plunged 10 percent yesterday after Poland’s Finance Ministry published a draft of the new copper tax bill it plans to implement in 2012.

Erste Group Bank AG downgraded the stock to “reduce” from “hold,” UniCredit SpA reduced its 12-month price estimate for KGHM to 111 zloty from 163 zloty, while Societe Generale SA cut its projection 12 percent to 121.1 zloty after the tax proposal.

Grupa Lotos SA (LTS PW), the second-largest refiner, rose 1 percent to 24.1 zloty, as oil and natural gas climbed.

Polskie Gornictwo Naftowe i Gazownictwo SA (PGN PW) fell 4.4 percent to 4.18 zloty, the first retreat in four days. The energy regulator “probably” won’t approve by the end of the day tomorrow a request by the country’s dominant gas company to allow it to increase the price of the fuel, Agnieszka Glosniewska, a spokeswoman for the watchdog, said by phone. The lack of approval before Dec. 18 means the company won’t be able to introduce the increased prices as of Jan. 1.

--Editors: Peter Branton, Alex Nicholson

To contact the reporters on this story: Pawel Kozlowski in Warsaw at; Monika Rozlal in Warsaw at

To contact the editor responsible for this story: Gavin Serkin at

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