Agora Gains as Publisher Raises Price of its Flagship Newspaper
The stock jumped as much as 1.1 percent to 10.49 zloty and traded at 10.40 zloty as of 10:19 a.m. in Warsaw, the highest price on a closing basis since Dec. 20. The number of shares traded today was about 22 percent of the three-month daily average, according to data compiled by Bloomberg.
The Warsaw-based company raised the cover price for Poland’s best-selling broadsheet title 15 percent to 2.3 zloty for the Monday to Thursday editions and by 12 percent to 2.8 zloty for the Friday and Saturday editions, Agora said on its website on Dec. 31. That’s the first price increase in four years, according to the publisher.
“We see this as a good move by Agora,” Piotr Janik, an analyst at KBC Securities in Warsaw, said in a note today. “The price hike is unlikely to hit circulation, which we believe will deteriorate in 2013 regardless of the cover price.”
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