Bloomberg News

Polish Stocks Rise to One-Month High as KGHM Copper Miner Gains

August 03, 2012

Polish stocks jumped to a one-month high as Bank Pekao SA (PEO), the second-biggest lender, rallied on better-than-expected earnings and KGHM Polska Miedz SA (KGH), the country’s only copper miner, climbed on U.S. payrolls data.

The WIG20 Index surged 2.4 percent to 2,222.64 at the close in Warsaw, the highest level since July 10.

KGHM rallied 3 percent to 127.7 zloty as copper advanced after Labor Department figures showed American employers added 163,000 workers last month. That exceeded the 100,000 median estimate of economists surveyed by Bloomberg News.

Bank Pekao, the unit of Italy’s UniCredit SpA, gained 4.6 percent to 147 zloty, the most since June 6, after posting second-quarter net income of 704.2 million zloty ($209 million). That beat the 672.4 million-zloty estimate of five analysts in a Bloomberg survey. The bank will probably post second-half earnings “not worse” than in the first six months, Chief Executive Officer Luigi Lovaglio said today.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


Video Game Avenger
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus