Koncar drives Croatian share indices higher

The 20-share benchmark CROBEX climbed 1.68% to close at 2,801.96 points, its highest level in at least five years.

The narrower equity index CROBEX10, which tracks the top ten issuers in terms of free float, market capitalisation and liquidity, added 1.63% to an all-time high, 1,675.07 points.

Koncar Elektroindustrija was the most traded company with a turnover of 211,400 euro ($229,000) as its shares soared 7.38% to 262 euro. On Thursday, they gained 7.96% after brokerage Interkapital Vrijednosni Papiri said that its latest analysis of the Koncar group values the share at 274 euro, giving it a "strong" buy recommendation with a potential upside of 21.2%.

The biggest daily gainers on Friday were ordinary and preferred shares of Koncar's subsidiary, power transformer manufacturer Koncar Distributivni i Specijalni Transformatori (D&ST) [ZSE:KODT, KODT2]. Both stocks went up 10.71%, to end at 1,240 euro. A day earlier, Koncar D&ST announced that its net profit rose 150% last year. The company’s preferred shares are part of the wider equity index.

The regular turnover fell to 1.7 million euro from almost 3.0 million euro on Thurseday.

($ = 0.924 euro)