Rising interest in Intercontinental: Shares up 73% over past month

Shares of Intercontinental București (RCHI) hotel company have skyrocketed on the Bourse over the past month amid rising transactions. The company has budgeted profit for this year, after nine consecutive years of losses.

Intercontinental company controls the five-star hotel of the same name in downtown Bucharest. At the price its shares traded yesterday, of 0.113 lei, the company’s capitalisation stands at 94m lei (23m euros), 40m lei higher than a month ago, when the stock price amounted to 0.065 lei.

The price has during this interval soared by over 73% amid rising transactions. Over the past month, more than 17.5 million shares have been transferred, accounting for 2% in capital, with 14.25 million shares being transferred through a deal completed in late March.

During this interval, two buyers were reported on the Bourse, namely Astra Asigurări insurer, controlled by businessman Dan Adamescu, who on Friday bought a stake of 260,000 shares, and Zeta SPV Development company, controlled by the same Adamescu family, which in early April acquired 20,500 shares.