Shares in Grupa Azoty SA surged 7.2% on Nov. 29, the most since November 2022, as investors see Poland’s biggest fertilizer producer benefiting from the fast drop in European natural gas prices, Bloomberg reported.
Azoty’s shares closed at 22.40 zloty per share (approximately $5.70 per share at current exchange rates) on Nov. 29, rebounding from a three-year low earlier this month.
Even so, the state-controlled company is down more than 40% this year as lower demand for fertilizers and higher costs pushed it to losses in all three quarters this year (GM Nov. 24, p. 1; Oct. 6, p. 24; Sept. 22, p. 25; May 19, p. 26).