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market Highlights
The market closed on the upside, driven by most of the positions. 67% from SOFIX’s components closed in the green. Euro Ins (5IC: 7.25; +5.07%) outperformed, followed by Kaolin (6K1: 7.50; +4.14%). The insurer company announced improved financial result on quarterly basis but the net profit declined y-o-y. The premium income solidly grew. P/Premium remained very attractive and could provide support in short term, despite the higher P/E. 5IC and its parent company Eurohold Bulgaria (4EH: 4.57; -0.63%) were heavily damaged during the correction, mainly due to their high liquidity. Infrastructure companies closed in different directions. Holding Roads (6H2: 16.80; +3.70%) was the best performer. We could expect some further sell pressure over 6H2 as well as over Moststroy (5MY: 20.00; 0.00%) when the shares from the recent capital increase become available. The new shares of Monbat (5MB: 10.71; - 0.32%) and EMKA (57E: 4.00; -5.88%) weren’t leaded for trading on Wednesday’s session due to a technical mistake.
Overall activity remained subdued and most of the deals were for small amounts. 52% from the orders were placed through the on-line system COBOS.
| SOFIX | 1006.01 | 0.60% | 6.02 |
| BG40 | 251.32 | 1.30% | 3.23 |
| BGTR30 | 660.08 | 1.21% | 7.89 |
| BGREIT | 88.75 | 0.85% | 0.75 |
| Number | Turnover | |
| Stocks | 623 269 | 2 806 196.22 |
| Bonds | 26 | 47 377.08 |
| Compensatory Notes | 18 270 | 7 276.05 |
| Primary market | - | - |
BG40 (LS)/ SOFIX (RS) (chart)
Stocks in focus
Kremikovtzi (chart)
The Sofia District Court declared insolvent the Bulgarian steel mill Kremikovtzi (4KW: 2.15; -10.42%) on Wednesday. The procedure to declare the mill's bankruptcy has also been opened, and the Court had appointed a temporary assignee in bankruptcy.
According to one news report, the insolvency claim was filed with the Court by one of the companies of the Ukrainian businessman Konstatin Zhevago along with several other companies. Bulgaria's Economy Minister stated earlier that the approval of the mill's insolvency by the Court would finally make possible the sale of 71% of the mill to a strategic investor. According to the trade union representatives, declaring the mill insolvent would facilitate the issuing of a complex environmental permit for Kremikovtzi by the Environment Ministry, and the execution of a rehabilitation plan, offered by the Ukrainian company "Vorskla Steel" owned by Konstantin Zhevago.
2 041 shares changed hands during the session but the position was under selling pressure and slumped by 10%.
Chimimport (chart)
Chimimport (6C4: 7.91; -0.49%) was the most traded position during Wednesday’s session, despite the thin volumes. The company closed in the red after a volatile session. The thin spread between bid and ask offers could retain the price around BGN 8.00 to the end of the week. The market’s weakness probably will have negative impact to 1H 2008 financial results of the holding.
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Copyright: 2006 Elana Trading. All rights reserved.For further Information please contact Elana Trading, 49 Bulgaria blvd. , 1404 Sofia. Phone: +359 2 810 00 40, fax: +359 2 810 00 99, e-mail: research@elana.net, web site: http://www.elana.net
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06 08 2008 Bulgaria Daily Report.pdf, 57 Kb
