market WRAP-UP
The Tuesday session on was more than quiet. The volumes were far below the average and the liquidity didn’t seem to have any perspective of improving. At the end of the session SOFIX reached 1027.5 bps (+0.33%), followed by BG40 261.19 bps (0.06%), while BG REIT lost 0.57% to 90.52 bps. The total return index BGTR30 moved 0.57% down to 681.57 bps. The top gainer for a second consecutive day within the market-cap-weighted SOFIX was Lead and Zink Complex (5OTZ, BGN 33.70, +10.56%), followed by Neochim (3NB, BGN 73.00, +4.19%). The leader by turnover turned out to be Mekom (MKX, BGN 2.272, +3.27%) where more than 706k shares changed hands in a single deal. Zarneni Hrani (T43) also attracted investor’s attention as 120k shares were traded at BGN 2.27 and eventually the stock closed at BGN 2.275 (+1.11%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 027.50 | 261.19 | 90.52 | 681.57 |
| 1-day change (%) | 0.33 | 0.06 | -0.09 | -0.57 |
| 7-day change (%) | -3.86 | -3.85 | -1.35 | -3.96 |
| 90-day change (%) | -9.86 | -20.60 | -3.28 | -11.07 |
| 365-day change (%) | -31.73 | -26.18 | -9.48 | -31.84 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 1 343 651 |
| BSE Daily Turnover | 8 712 925 |
| Average Daily Turnover YTD | 13 028 390 |
| Average Daily Turnover 12 months | 34 409 346 |
Most recent macro data
| Inflation (HICP, M/M June) | 0.5% |
| Inflation (HICP, cum. 2008) | 5.7% |
| LEONIA Reference Rate | 5.34% |
| SOFIBOR /3 months/ | 7.243% |
| GDP Growth (Y/Y Q1 2008) | 7% |
| Unemployment (June 2008) | 5.97% |
exchange rates
| Current | Change | |
| BGN/USD | 1.22861 | -0.00473 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.5919 | 0.00611 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Over 15 companies expected to participate in Trakia motorway tenders
At least 15 companies are expected to participate in the procedure for Trakia motorway completion, including about 10 foreign companies. In this case, it is uncertain whether the Bulgarian companies (Holding Roads, Trace Group, Moststroy, Glavbolgarstroy) will manage to win the three forthcoming tender procedures.
Source: Pari
IT
Q2 PC sales up 54% YoY
The local PC market has posted a YoY growth of 54% in Q2 2008, according to the marketing research firm IDC Bulgaria.
Source: Dnevnik
CORPORATE news
Evrohold Bulgaria AD [4EH]
Eurohold Bulgaria to increase the capital of EIG by BGN 48m
The management Board of Eurohold Bulgariatook a decision to increase the equity capital of Euroins Insurance Group (EIG) from BGN 191.3m to BGN 239.5m through the issuance of new shares. Eurohold Bulgaria subscribed all 48.2m new shares with nominal and issue value of BGN 1. In fact, the new shares are designated to go to Global Finance, which provided EUR 24.6m financing for the capital increase. The loan facility will later be converted to an equity stake in EIG after all permission by the relevant authorities in the countries were EIG has subsidiaries (Bulgaria, Romania and Macedonia) are received.
The funds from the equity capital increase will support the regional expansion of EIG.
Source: Eurohold Bulgaria
CigaretteFactory Plovdiv AD [4CV]
Cigarette Factory Plovdiv acquired by a little-known company
The winner in the biddingfor 78% of Cigarette Factory Plovdiv is Sigma Consulting, the weekly bulletin of the Central Depository showed. The new owner specialises in wholesale trade in sugar and sugar products, a reference to Daxi shows. Sigma Consulting paid BGN 31m for the tobacco factory.
Source: Pari
SlantzeStara Zagora- Tabac AD [3JO]
A company close to Chimimport bought Slantse Stara Zagora Tabac
According to the Central Depository bulletin, the new owner of 89.7% of the capital of Slantse Stara Zagora Tabac is Business Centre Izgrev. Based on the Information in APIS, the company is owned by Boll Property, which is a 49.99% owner of Varna Plod managed by Ivo Kamenov and Marin Mitev – members of the management Board of Chimimport.
Source: Dnevnik; FFBH
Kremikovtzi AD [4KW]
UK court pronounced in favour of Kremikovtzi bondholders
Holders representing 51% of the bonds collaterised with assets of the Bulgarian steel maker Kremikovtzi have secured a judgment from the UK High Court making immediately payable the principal and the accrued interest due on the notes, or around EUR 347m, a source familiar with the process told Dnevnik.
The certificate of enforceability issued by the UK court makes the judgment immediately recognisable in all European jurisdictions including Bulgaria. It is unlikely to be contested because an indisputable event of default occurred following the non-payment of bond interest in May.
Source: Dnevnik
Trace Group Hold AD [T57]
Metrotrace to participate in the construction of the second subway line in Sofia
Bulgarian consortium Metrotrace, uniting Trace Group Hold, SB Engineering, and Trace Sofia, will build the subway line between the boulevards of Cherni Vrah and Partiarch Evtimii. The price offered for this section is around BGN 142m. The length is 2.6 km, with three metro stations. Source: Pari
Bulgarian River Shipping
AD [5BR]
Bulgarian River Shipping will have 6 new vessels by the year-end
According to Dragomir Kochanov – CEO of Bulgarian River Shipping, the company would have 6 new vessels by the end of 2008, and the loading capacity of each of the new vessels will be 2k tons. They should be built by the Varna-based shipbuilding company Korabno Mashinostroene. Two of the vessels are almost finished, another two are currently constructed, and materials are supplied for the construction of two additional vessels.
Source: Dnevnik; FFBH
Billboard AD [5BP]
Billboard negotiated a EUR 1m loan for the purchase of 5 new machines
Based on an agreement signed with Piraeus Bank Bulgaria, Billboard will receive an investment loan of EUR 1m for the purchase of 5 new machines for its wide format business (including printers and machines for completion works). The loan has a term of 5 years and it is collaterised on the machines that would be bought.
Source: Billboard
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Copyright: 2006 First Financial Brokerage House. All rights reserved.For further Information please contact
FFBH, 2 Enos Str., 1408 Sofia, Bulgaria, Phone: +359 2 810 64 21, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg
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BMU23-07-08.pdf, 70 Kb
