Grupa Lotos debut fails to impress small investors

The price fluctuated between zł.30-31 throughout most of the session and eventually closed at zł.30. "The price of the debut proves that we rightly predicted all parameters," declared Treasury Minister Jacek Socha. Most analysts stated that this was the price they had expected. They also agree that the price will remain on the same level for some time. "I can see no factors which would push the value of the company up," declared Michał Buczyński, an analyst with the Millennium brokerage house. The State Treasury and Nafta Polska are more optimistic and expect that the value of Lotos will increase, "Nafta Polska did not sell its shares in Grupa Lotos. Looking at the situation on the market, I believe that we were right in deciding to wait until the investment program in Grupa Lotos will be launched and the price will stabilize," declared Socha. Nafta Polska, which owns 8.91 million shares, declared it would not sell them until November. (Puls Biznesu, pp. 1, 3; Parkiet, p. 3) E.B.