Poland’s oil giant with the new CEO

PKN Orlen headquarters, Płock, Poland (Adam Kliczek, CC-BY-SA)

Bulgaria: BSE acquired the Independent Bulgarian Energy Exchange

Latvia: industrial output up 8.5 per cent in 2017

Poland

Poland’s state-owned fuel giant PKN Orlen has a new CEO. It’s Daniel Obajtek, who previously was the CEO of the power utility firm Energa. Wojciech Jasiński, who has worked as Orlen’s CEO since December 2015, was dismissed. Also, two other members of the board had to step down.

The Polish Press Agency (PAP) quotes one of the analysts saying that “The market can treat the changes as a sign of increased probability that KN Orlen will engage in the nuclear project, although we don’t fully know yet what that will entail,” mBank brokerage analyst Kamil Kliszcz told PAP. “I think the market can react negatively to such a play.”

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Bulgaria

The Bulgarian Stock Exchange (BSE) announced it has completed the acquisition of the Independent Bulgarian Energy Exchange (IBEX). According to the SEE News Corporate Wire the transaction totaled BGN5.2m (EUR2.7m).

As reported, the BSE needed the European’s Commission’s approval to complete the deal. The institution decided that “the BSE has the necessary financial means, expertise and motivation to develop IBEX as an independent and competitive energy market”.

The agreement between the BSE and the state-owned Bulgarian Energy Holding (BEH) was signed in August 2017.

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Latvia

Latvia’s industrial production output in 2017 was up 8.5 per cent y/y (calendar adjusted data at constant prices). As the Baltic Course reports, this was due to the upturn in manufacturing (up 8.2 per cent), mining and quarrying (up 18.5 per cent) and electricity and gas supply (up 8.2 per cent).

According to the Central Statistical Bureau (CSB) in December 2017 the output increased by 5.5 per cent y/y.

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What’s up in indexes

BET (of Bucharest) decreased from 8,243.25 index points Friday, February 2nd to 8,181.68 index points Monday, February 5th. It’s down 0.75 per cent d/d and up 7.84 per cent y/y.

BUX (of Budapest) decreased from 40,238.27 index points Thursday, February 1st to 39,951.46 index points Friday, February 2nd. It’s down 0.71 per cent d/d and up 22.64 per cent y/y.

CROBEX (of Zagreb) increased from 1,877.70 index points Friday, February 2nd to 1,886.91 index points Monday, February 2nd. It’s up 0.49 per cent d/d and down 11.37 per cent y/y.

OMXR (of Riga) decreased from 1,020.82 index points Friday, February 2nd to 1,018.87 index points Monday, February 2nd. It’s down 0.19 per cent d/d and up 36.58 per cent y/y.

OMXT (of Tallinn) decreased from 1,297.51 index points Friday, February 2nd to 1,290.17 index points Monday, February 2nd. It’s down 0.57 per cent d/d and up 16.40 per cent y/y.

OMXV (of Vilnius) decreased from 686.50 index points Friday, February 2nd to 675.76 index points Monday, February 2nd. It’s down 1.56 per cent d/d and up 19.14 per cent y/y.

PX (of Prague) decreased from 1,129.10 index points Friday, February 2nd to 1,122.30 index points Monday, February 2nd. It’s down 0.60 per cent d/d and up 19.13 per cent y/y.

SAX (of Bratislava) decreased from 348.13 index points Friday, February 2nd to 347.69 index points Monday, February 2nd.  It’s down 0.13 per cent d/d and up 12.84 per cent y/y.

SOFIX (of Sofia) decreased from 719.71 index points Friday, February 2nd to 700.16 index points Monday, February 2nd. It’s down 2.23 per cent d/d and up 15.45 per cent y/y.

UX (of Kyiv) increased from 1,491.68 index points Friday, February 2nd to 1,495.51 index points Monday, February 2nd. It’s up 0.26 per cent d/d and up 72.31 per cent y/y.

WIG20 (of Warsaw) decreased from 2,507.24 index points Friday, February 2nd to 2,505.98 index points Monday, February 2nd. It’s down 0.05 per cent d/d and up 20.70 per cent y/y.

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