 |
© Erste vrijednosni papiri Zagreb d.o.o. |
Highlights:
- Liquidity slightly improved, market declined despite of INA being in green
- Jadransko osiguranje – bottom line improved 10.4% y/y in 1H08, weaker second quarter
- IPK Kandit and Agrana not negotiating takeover – CEO
- AD Plastik acquires 3,818 own shares
- Zagreb Holding’s two companies to go public by end of 2009
market comment:
The Croatian equity market witnessed slight improvement in investor activity on Monday, resulting in higher market liquidity, totaling HRK 40.2mn in regular turnover (the most in 17 days), with an additional HRK 15.2mn in block transactions with paper/cardboard company Belisce (HRK 10.1mn) and tourism company Riviera Porec (HRK 5.1mn). The CROBEX declined 0.5% to 3,512.1 points, the lowest level in the last seven weeks. Shipping company Tankerska plovidba was the most liquid stock on Monday, recording its highest-ever daily turnover of HRK 11.2mn, closing with a 0.5% decline. The heaviest losses among high turnovers were suffered by brewery Zagrebacka pivovara (-12%), frozen foods producer Ledo (-8.2%) and plastic producer AD Plastik (-7.4%). Oil company INA performed well and was the most significant gainer among high turnovers, advancing 1.6%, the most in four weeks. Retail company Magma suffered a severe loss for the third straight day, pushing its all-time low down a further 5.2%.
market outlook:
Some slight negative pressure might be seen on the market, while again INA might play its own game by confronting the market.
Corporate news:
Jadransko osiguranje – bottom line improved 10.4% y/y in 1H08, weaker second quarter
The company, which primarily operates in non-life insurance, announced 1H08 results with growth in earned premiums of 2.7% y/y. However, this growth came entirely from the first quarter, while 2Q08 witnessed a 2.2% y/y weakening. The stronger bottom line (10.4% y/y growth in 1H) was helped by a 21.5% y/y drop in insurance costs. On the quarterly level, net profit growth somewhat slowed to 4.5% y/y.
IPK Kandit and Agrana not negotiating takeover – CEO
Josip Pavic, CEO of Croatian sugar producer IPK Kandit, denied that the company is negotiating with its Austrian peer Agrana on the takeover of sugar refinery Kandit Premijer, saying that Kandit is not for sale, according to Croatian daily Poslovni dnevnik. Pavic denied media speculation that the two companies would merge, after IPK Kandit gains control of Sladorana, the third biggest sugar producer in Croatia.
AD Plastik acquires 3,818 own shares
With an announcement sent to the Zagreb Stock exchange, the Croatian plastic producer informed investors that the firm is acquiring its own shares. On August 21 and 22, the company acquired 3,818 own shares, which represents 0.091% of the founders' capital. After this acquisition, the company holds 1.92% of their own shares.
Zagreb Holding’s two companies to go public by end of 2009
A closed-end real estate fund and Zagreb Centrum, two companies recently established by Zagreb Holding, a holding company that manages all companies owned by the City of Zagreb, will go public by the end of 2009, according to Croatian daily Vecernji list. Milan Trbojevic, head of the fund, said that it will invest not only in real estate in the Zagreb area, but also in the whole Croatia and globally. On the other hand, the mission of Zagreb Centrum is to create the second city center on a 2mn sqm area in Zagreb. For that purpose, Zagreb Centrum plans to raise HRK 400mn through an ipo.
Crobex (chart)
Top 10 Turnovers (table)
Top 5 Winners (table)
Top 5 Losers (table)
Croatian Equity Daily (table)
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/CBB/ErsteSecurities/Daily_26_08_2008.pdf
*****
Copyright: Erste Securities Zagreb, Croatian Equity Daily, Thursday, May 31, 2007Sales : Zeljka Kajkut-Brni Phone: +385 62 37 2811 kajkutz@erstebank.comDamir Eror Phone: +385 62 37 2813erord@erstebank.comResearch: Damir Cukman Phone: +385 62 37 2820 cukmand@erstebank.comDavor Spoljar Phone: +385 62 37 2825 dspoljar@erstebank.com
*****
AII Data Processing does not endorse in any way, the views, opinions or recommendations expressed above. The use of the Information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on Information contained herein.
 | SeeNews SeeNews is a business and financial news and information provider which brings its visitors and customers access to detailed coverage on the fast-growing companies, economies and markets of ten Southeast European nations. |
Search for: market |
Search for: ipo |
Search for: acquisition |
Search for: company |
Search for: exchange |
Search for: chart |
Search for: Croatia |
Daily 26 08 2008.pdf, 188 Kb
