Transgaz and Transelectrica, top performers on BSE

The shares of natural gas transmission company Transgaz Medias (TGN) and those of electricity transmission company Transelectrica Bucharest (TEL), the only monopolies listed on the Bucharest Stock Exchange, have seen the highest growth on the market since the beginning of the year, a rare occurrence for utility companies' stocks. Transgaz shares have gained 46%, while Transelectrica's have risen by 37%, whereas the BET index has gone up by 16% since the beginning of the year, and SIFs have gained 21% on the average. Both stocks went up by 6 or 7% yesterday as a result of high liquidity. On foreign markets, the shares of utility companies generally have moderate performance, without spectacular moves, and are chosen by investors in times of stock market adjustment for their shelter value and predictable results, which leave no room for surprises. "Growth prospects for energy shares are quite high, considering the transit projects announced by the government," explains Ovidiu Serdean, IFB Finwest broker. Utility sector-related companies such as Dafora and Condmag, specialising in utility infrastructure works have posted over 25% increases on the stock market since the beginning of the year.