Calburean's jewels Dafora and Condmag shine again

Dafora Medias shares gained 25% in the last week, amid increasingly significant transactions, whilst shares of Condmag Brasov rose 10%.

Shares of companies involved in construction and in drilling operations, Dafora Medias (DAFR) and Condmag Brasov (COMI), both controlled by businessman Gheorghe Calburean, recorded significant rises of up to 30% since the beginning of the year, with analysts saying these are speculative increases. Dafora shares appreciated by over 15% despite the company posting a decline in profit in 2009.

“The significant increases recorded by Dafora and Condmag shares, especially after results were published, have a speculative component. Whereas last year speculators’ favourites were Azomures and Amonil, these two companies seem to be beginning-of-the-year favourites. Speculators also waited for financial support to arrive, and it did in the case of Condmag, which reported a doubling of its profit. The companies are, however, connected due to their common shareholder,” explained Paul Brendea, analyst with brokerage firm Prime Transaction. Dafora holds around 44.6% in Condmag, whilst Calburean is reported with a 48.5% stake in Dafora, according to data on the Bucharest Stock Exchange.