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Fortuna Rises to One-Month High as CFO Buys Shares: Prague Mover

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Feb. 19 (Bloomberg) -- Fortuna Entertainment Group NV, a Czech betting company, rose to the highest in a month after saying Chief Financial Officer Michal Veprek bought shares.

The stock gained for a second day, climbing as much as 1.4 percent to 88.80 koruna and trading at 88 koruna by 11:35 a.m. in Prague, the highest since Jan. 18. Fortuna is up 3.5 percent this year, compared with a 3.9 percent retreat for the country’s benchmark PX index.

Veprek bought 4,000 shares between Jan. 10 and Feb. 15, the Amsterdam-registered company said late on Feb. 15. The CFO, who previously held none of the stock, now owns 0.008 percent of total capital, according to the regulatory filing. The company is scheduled to publish 2012 earnings in two weeks.

The “purchase of own shares by management is a positive signal for the stock,” analysts led by Milan Vanicek at J&T Banka AS in Prague wrote in a report to clients today. J&T has a buy recommendation for Fortuna, with a 136 koruna price estimate.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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