Warsaw shares close at new record high

Polish shares closed at a record high for the second consecutive day, rebounding from earlier declines led by the suspension of Bank BPH shares.

The WIG20 index ended up 0.8 pct at 2,909.77.

UCI announced a tender offer to buy Bank BPH, Poland's third-largest bank, for 11 pct below the market price. The Italians want to buy 8.32 mln shares or 28.9 pct of the bank.

Copper producer KGHM and insulin producer Bioton both ended up over 3 pct higher.

While Telecom TP was weak, as was fuel giant PKN Orlen.

Among the biggest banks, Peako was the only one not to end in the red. Shares in Grupa Kety were suspend after a fire at its building in Bielsko-Biala. Preliminary estimates say the losses will amount to 30-50 mln zloty and the destruction of part of the machines will reduce operating income will by 20 mln zloty.

Source: Forbes.com/AFX News