Failing liquidity leads to Elektrim Kable replacement by Budimex on WIG-20

Leading construction group Budimex will replace cable maker Elektrim Kable on the Warsaw Stock Exchange's (WSE) large cap WIG 20 index after the February 20 session, the WSE announced yesterday. The bourse said in a statement it had decided to remove the cable maker from the key index after the stock's liquidity had decreased substantially following a takeover late last year by domestic peer Krakowska Fabryka Kabli (KFK). Budimex, controlled by Spain's Ferrovial, has been among the best-performing medium-sized stocks, rising some 20% since the end of last year. Budimex shares closed down 0.7% at zl.29.8 yesterday, valuing the stock at above $180 million. (Reuters)