Construction shares soar

According to the latest data the industry benchmark index, WIG-Budownictwo, has jumped by 122% over the period, compared to 44% for WIG, the main benchmark index. And with tens of billions of zloty in EU money expected to pour into road projects alone over the next few years, investor appetite for construction stocks may not be sated anytime soon - even despite fears of the labor shortages. To capitalize on this, more and more companies from the sector have been lining up to float on the stock market. Following the lead of Dom Development, whose shares have gained 100% since its zl.420 million IPO six months ago, two other major property developers are set to list their shares on the WSE shortly. First in line is JW Construction, one of the country's biggest property developers, which wants to raise several hundred million zloty from an IPO that could take place next month. Second is LC Corp, owned by investor Leszek Czarnecki. There are also at least three contracting firms set to make their debuts on the WSE: Erbud, ABM Solid and Pol Aqua.  (Gazeta Wyborcza, p. 23) R.M.