market WRAP-UP
On Tuesday all indices moved down slightly. Although the volumes remained low the demand looked weak thus the prices easily declined. SOFIX lost 0.82% to 846.76 bps, BG40 closed at 204.28 bps (-1.25%), BGTR30 lost (-0.56%) to 563.87 bps., BG REIT fixed at 81.17 bps.(-0.83%). The day losers was Albena (6AB, BGN 52.62, -8.96%) and Elhim Iskra (52E, BGN 3.061, -7.24%). Among the gainers of the session were Bulgarian-American credit bank (5BN, BGN 50.01, +6.40%) and Toplivo (3TV, BGN 14.689, +5.60%). The most liquid was Chimimport (6C4, BGN 5.799, -4.93%) with more than 81k shares changing hands. REITs that pulled down the index were BenchMark Fund Estates REIT (6BMA, BNG 1.449, -8.29%) and Elana Agricultural Land Opportunity Fund (4EC, BGN 1.655, -2.65%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 846.76 | 204.28 | 81.17 | 563.87 |
| 1-day change (%) | -0.82 | -1.25 | -0.83 | -0.56 |
| 7-day change (%) | -4.37 | -4.31 | -2.69 | -3.37 |
| 90-day change (%) | -26.49 | -33.39 | -13.06 | -27.04 |
| 365-day change (%) | -52.58 | -58.98 | -18.83 | -43.61 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 1 652 273 |
| BSE Daily Turnover | 5 139 677 |
| Average Daily Turnover YTD | 11 373 519 |
| Average Daily Turnover 12 months | 19 205 218 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.52% |
| SOFIBOR /3 months/ | 7.360 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.3277 | -0.04616 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4731 | 0.04949 |
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Energy sector
The price of natural gas to rise in October
The State Commission for Water and Energy Regulation proposes the price of natural gas to rise by 28.8% from the beginning of October, the report of the commission shows. The final decision concerning the new prices will be taken in the end of September. If accepted, the price of 1k cubic meter gas in the fourth quarter of 2008 will be BGN 560.2, which is BGN 125.4 higher than the price at the moment.
Source: Pari
Real estate
City Center Sofia sold for EUR 102m
One of the largest shopping malls in Bulgaria, the City Center Sofia, was sold by its owner Equest Balkan Properties to Heitman European Property Partners for EUR 101.5m, the Dow Jones reported Tuesday. Heitman has acquired 100% of Lerma BV, which is the owner of the City Center Sofia - a mall in downtown Sofia close to the Hilton Hotel and the National Palace of Culture, with a total area of 22k square meters.
The deal was made in accordance with the CB Richard Ellis evaluation in June 2008. Equest Balkan Properties acquired the City Center Sofia in 2006 for EUR 94m from Stroitown, when the mall was still under construction. The deal should be finalized in November 2008 after an inspection of the Competition Protection Commission.
Source: Novinite.com
Financial sector
Raiffeisen Bulgaria increases capital again
Raiffeisen Bulgaria increased its shareholders' capital by BGN 136.9m from BGN 407.9m to BGN 544.77m by issuing of 136.9m new shares at BGN 1 par value each. The decision to raise capital was taken by Raiffeisen International Bank Holding, the owner of the institution. This is the second rise of capital after July 2008 when the bank raised EUR 50m.
Source: Pari
CORPORATE news
Corporate Commercial Bank AD [6C9]
Recurring net profit up 5% MoM in August
As of Aug’08, total assets of Corporate Commercial Bank increased by BGN 25m YtD to BGN 1.8bn. Total loans decreased by 6% YtD to BGN 1.3bn, which we link mainly on lower claims to financial institutions. Net profit for the Jan-Aug 08 period came in at BGN 27m. Recurring net profit for August reached BGN 3m (up 5% MoM), which is virtually in line with the monthly average level for H1. We remind that in April the bank reported BGN 3m income from the sale of loan.
Source: CORP, FFBH
Sparky AD [SPV]
Sparky plans to invest BGN 50m to increase capacity
Sparky, Bulgaria’s Ruse-based machine building company, plans to spend BGN 50m on new production equipment over the next three years as a first stage of a plan to double its capacity by 2014, the company announced. The firm should build a new plant with both outdoor and indoor premises and create 220 jobs. A portion of the investments should go for a warehouse, a test track and new equipment. Presently, Sparky has 900 people on the payroll and sells 98% of its products abroad, the bulk of it to Western Europe. Sparky is part of Sparky Group, which is also the owner of power tools manufacturer Sparky Eltos.
Source: Dnevnik
Bulgarian Telecommunications company [5BT]
BTC extraordinary GSM approves merger with its subsidiary BTC Mobile
BTC’s shareholders approved on an extraordinary shareholders meeting held on Tuesday a restructuring in which BTC Mobile will merge with the parent company, a company press release to the Bulgarian Stock exchange announced. BTC Mobile is a sole property of BTC and conducts its activities in Bulgaria under the trademark “vivatel”. As of May 2008, BTC Mobile’s assets were BGN 576m while its liabilities were BGN 178m.
Source: Investor.bg, FFBH
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/FFBH/BMU24-09-08.pdf
*****
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
*****
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: investments |
Search for: news |
Search for: deal |
Search for: market |
Search for: assets |
Search for: merger |
Search for: company |
Search for: index |
Search for: indices |
Search for: exchange |
Search for: report |
Search for: credit |
Search for: Bulgaria |
Search for: institutions |
BMU24-09-08.pdf, 69 Kb
