market wrap-up
The negative trend during the week continued on Friday. For SOFIX (959.17 bps, -0.71%), the top losers were Sparky Eltos (SL9, BGN 7.1, -5.59%), Industrial Holding Bulgaria (4ID, BGN 5.73, -4.47%), and Chimimport (6C4, BGN 7.153, -4.10%). The price-weighted BG40 lost 0.76% . after the sharp drop in Zaharni zavodi (3Z9, BGN 8.98, -8.93%) and Synergon Holding AD (6S7, BGN 5.5, -6.54%) . The top loser among the indices was BGTR30 which declined -1.24% to 628.78 bps following drops in Blagoevgrad-BT AD (55B, BGN66.10, -6.24%) and Plovdiv-Yuri Gagarin BT (4PX, BGN 55.003, -5.49%). The major moves came from First Investment Bank (5F4, BGN 6.099, -0.67%) where more than 256k shares change hands. There were no volumes on the REIT market which kept price levels unchanged.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 959.17 | 234.24 | 84.13 | 628.78 |
| 1-day change (%) | -0.71 | -0.76 | -0.38 | -1.24 |
| 7-day change (%) | -3.04 | -2.12 | -1.95 | -2.70 |
| 90-day change (%) | -19.68 | -28.13 | -10.28 | -21.86 |
| 365-day change (%) | -41.42 | -44.63 | -15.87 | -37.12 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | |
| BSE Daily Volume (BGN) | |
| Avg Daily Turnover YTD (BGN) | 11 597 785 |
| Avg Daily Turnover 12 mo. (BGN) | 19 510 004 |
Most recent macro data
| Inflation (HICP, M/M July) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.26% |
| SOFIBOR /3 months/ | 7.267% |
| GDP Growth (Y/Y Q2 2008 preliminary) | 6.3% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.40364 | 0.01594 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.3934 | -0.01601 |
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Macroeconomic news and statistics
Bulgaria’s YoY inflation slows to 11.2% in Aug
Bulgaria’s YoY inflationhas subsided to 11.2% in August 2008 from 14.5% in July and the record 15.3% in June, shows data released by the National Statistical Institute. Consumer prices picked up 0.1% versus 1.5% in July fuelled mainly by home expenses including rents, renovation and utility bill payments, which grew by 2.0% . Bulgaria’s CPI grew by 6.3% YtD and 13.8% YoY in Jan-August 2008.
Growing heating costs are expected to speed inflation in the autumn analysts said but they forecast the inflation to calm down to single-digit figures of 8.0% at the end of the year over the falling oil prices and good agricultural crops.
Source: Dnevnik
Insurance
Brokers generates 33% of insurance premiums in H1 2008
Insurance brokers generated nearly a third of the Bulgarian insurers gross premium income for the first half of 2008, Financial Supervision Commission said. Brokers pocketed BGN 278m (BGN 252m from general insurance), which is almost 40% more than the figure for the same period a year ago. Motor insurance policies fetched 60% of broker-generated general insurance premiums. Motor thirdparty liability policies ranked second making 18% of it while property covers accounted for 6.0-7.0%.
General insurance commissions accounted for 25% of broker-generated premiums, life insurance premiums were 21%, respectively. Accident policies bore the biggest commission fees - 34.5% of its premiums. Brokers got an average of 27% commission of the signed motor third-party liability insurances.
Source: Dnevnik
CORPORATE news
First Investment Bank [5F4]
FIB unconsolidated profit gains 16% YoY in July 2008
On Friday First Investment Bank posted unconsolidated results for the Jan-July 08 period. Net profit stood at BGN 27m (up 16% YoY and up 13% MoM). Deposits totalled BGN 2.9bn (up 6.4% YoY and 4.9% MoM). The loan portfolio reached BGN 2.85bn (up 15% YoY and 2% MoM) as of Jul’08. The assets grew by 16% YoY to BGN 4.12bn. The bank’s liquidity ratio stood at 26%.
Source: FIB
Agria Group Holding AD - Varna [A72]
Agria Group Holding to invest EUR 25m
Agria Group Holding is planning to invest approximately EUR 25m in the next couples of years. According to its executive manager Emil Raikov the biggest project is building a plant for vegetable oils with capacity of 100k tons per year, with approximate costs estimated to be EUR 20-25m. Source: Pari
Lomsko pivo [6L1]
Bulgarian parliament approves the proposal for the reduction of excise duties for small breweries
Bulgarian parliament approved the proposal for the reduction of excise duties for small breweries on Friday. The biggest company that would benefit from the new legislature is Lomsko Pivo which produces 48k hectolitres beer annually. The effect of the reduction of excise duties is expected to be a decrease between BGN 0.03 and 0.07 per bottle. However, Lomsko is not expected to reduce the price of its beer products but rather it would focus on improving the company’s margins.
Source: Dnevnik, FFBH
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BMU15-09-08.pdf, 69 Kb
