Duro Felguera achieves its highest increase in stock market since 2008

The industrial group has registered its first double-digit rise since 2008 and recovered what was lost in 2016 on the Stock Exchange.

The Asturian company has accelerated its comeback stock. The group’s shares have registered a rise of 17.8% in the Continuous Market, achieving its highest gain since October 2008, when it shot up 11.6%.

The highest increases in recent months are moderating to 5.7% recorded on 8 December, while in the whole of 2016 the strongest revaluation dates back to March 1, when it was 9.3%.

Investors have embarked on taking positions in value in response to new contracts achieved by the company. At the close of yesterday, it announced to the CNMV the award of two contracts in Argentina for a total amount of 108.5 million dollars, or 102.3 million euros. The group’s capitalization, before today’s rise, was below 200 million euros. After closing, its value on the Stock Exchange exceeds 222 million.

The rally that has been annotated by the company on today has also served to erase all accumulated losses in the Stock Exchange in the past year. Shares of Duro Felguera, which closed at 1.39 euros, accumulated a revaluation of more than 24% so far in 2017.

Months ago, the oil price slump extended investor pessimism to companies such as Duro Felguera, which had benefited from a surge in investment in new oil projects in previous years.

The group’s accounts also fully reflected this deterioration. At the close of 2015, the company posted losses of 68.8 million euros, a very different balance than the profits of 48 million achieved in 2014.

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