Agora Publisher Slumps as Pension Fund Cuts Stake: Warsaw Mover

Agora SA (AGO), Poland’s largest publicly traded publisher, headed for a two-week low after the country’s biggest pension fund reduced its stake.

The shares dropped 2.9 percent to 10.2 zloty at 2:59 p.m. in Warsaw trading after the company said ING Groep NV’s Polish fund cut its holding to 9.6 percent from 10 percent. Today’s volume on the stock was 81 percent of the three-month daily average, according to data compiled by Bloomberg.

“Investors closely watch moves by big investors, fearing more shares might be sold on the market,” Dominik Niszcz, a Warsaw-based analyst at Raiffeisen Centrobank AG said by e-mail today. “I’d wait for a rebound in the advertising market and probably some better news-flow from Agora’s cinema business before buying the shares.”

Agora bought Helios SA, the nation’s third-largest cinema chain, for 26.2 million euros ($34 million) in 2011 to help make up for the decline in sales of its flagship newspaper, Gazeta Wyborcza. The title, Poland’s largest non-tabloid newspaper, has seen readership and revenue fall since 2008 as advertisers shift their focus to the Internet. The company increased the copy price of Gazeta Wyborcza as much as 15 percent this year, it said on Dec. 31.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at

To contact the editor responsible for this story: Wojciech Moskwa at

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