100% first-day gain for newly floated PC Guard put down to pure speculation

However, this increase bears hardly any relation to the fundamental condition of the enterprise. "There is no doubt that trading at this level is the result of pure speculation. Only small liquidity and the size of the company justify these changes in the quoted price," said Micha³ Janik, analyst with BDM PKO BP. PC Guard sold only 500,000 shares for z³.3 million , which were acquired by individual investors. "One can do anything with a company like this. An example of this situation were the changes in prices of shares in Swissmed," said Micha³ Janik. The company, however, which is basing sales on in-house software, declared rapid growth to avoid failing the trust of investors. "Up to now we have been growing by 20% annually. Thanks to the presence on the Warsaw bourse we intend to speed up this process. My dream is to ensure annual growth of 40-50%, which is possible," said Dariusz Grzeœkowiak, president of PC Guard. (Puls Biznesu, pp. 1, 11) M.M.