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Polish Stocks: Eurocash, Sygnity, Tauron Shares Move in Warsaw

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Aug. 24 (Bloomberg) -- Poland’s WIG20 Index rose 2.61, or 0.1 percent, to 2,301.67 at the 5:30 p.m. close in Warsaw.

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

Eurocash SA (EUR PW) climbed 0.4 zloty, or 1.7 percent, to 23.4 zloty. Poland’s largest distributor of non-durable consumer goods had its 12-month price estimate cut to 22 zloty from 31 zloty at ING Groep NV.

Sygnity SA (SGN PW) gained 0.3 zloty, or 1.9 percent, to 15.75 zloty, as the software developer was upgraded to “hold” from “sell” at ING Groep NV.

Tauron Polska Energia SA (TPE PW) fell 0.13 zloty, or 2.5 percent, to 5.17 zloty, extending yesterday’s 2.6 percent drop. Poland’s second-largest power utility may “underperform the WIG20 Index” in the short term after paying a “stunningly high” price for the Polish assets of Vattenfall AB yesterday, Pawel Puchalski, a Warsaw-based analyst at Bank Zachodni WBK SA’s brokerage wrote in a note to clients today.

Tauron will buy Gornoslaski Zaklad Elektroenergetyczny, a power distributor with wholesaling and wind farm units, for 4.63 billion zloty ($1.6 billion).

To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net

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