market wrap-up
The market made a small step back on Thursday. Although the volumes remained lowthe demand looked so weak that the prices easily declined. All indices moved down with the top loser being BGTR30 which lost 1.10% to 556.73 bps. SOFIX reached 848.74 bps. (-0.79%), BG40 also closed negative at 205.11 bps. (-1.05 %). Among the top losers of the session were Bulgarian-American credit bank (5BN, BGN 47.0, -6.02%), Toplivo (3TV, BGN 13.86, -5.64%) and Industrial Capital Holding (4I8, BGN 5.20, -7.96%). The day gainer was M+S Hydraulic (5MH, BGN 7.98, +19.10%) followed by Holding Roads (6H2, BGN 15.0, +3.45%). There was no volumes on the REIT market and the quiet trades kept price levels unchanged except for Park REIT (4PK, BGN 0.91, -9.9%) where more than 183k shares change hands.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 848.74 | 205.11 | 80.95 | 556.73 |
| 1-day change (%) | -0.79 | -1.05 | -0.91 | -1.10 |
| 7-day change (%) | 1.12 | 1.31 | 0.01 | -0.61 |
| 90-day change (%) | -25.62 | -32.99 | -15.57 | -27.46 |
| 365-day change (%) | -53.37 | -58.65 | -19.05 | -44.33 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 1 823 510 |
| BSE Daily Volume (BGN) | 10 190 760 |
| Avg Daily Turnover YTD (BGN) | 11 330 081 |
| Avg Daily Turnover 12 mo. (BGN) | 19 143 863 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.59% |
| SOFIBOR /3 months/ | 7.366 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.3314 | 0.0037 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.469 | -0.00409 |
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
Moody's confirms Bulgaria's credit rating, changes outlook
Moody's Investors Service has changed on September 25 the outlook on the Baa3 foreign and local currency ratings of the government of Bulgaria to stable from positive. The outlooks on the A1 country ceiling for foreign currency debt and the Baa3 country ceiling for foreign currency deposits were also moved from positive to stable. Moody's believes that the prospect of an upgrade in the next 18 months has diminished because of deteriorating external imbalances -- from already high levels -- combined with the growing prospect of a sharp slowdown in economic growth next year in the context of the spreading global credit crunch.
Moody's notes that international banks with operations in Bulgaria have been funding an increasingly large proportion of the external deficit through loans to their local branches and subsidiaries. As global funding costs rise and the European economy cools, the international banks are expected to reduce their credit expansions in Bulgaria, leading to a potentially sharp slowdown of the economic growth as experienced elsewhere in the region. Moody's said that the country's failure to join ERM2 was another reason why an upgrade was ruled less likely in the very near term.
Mr Orchard emphasises that Bulgaria's investment-grade status is secure. In a Special Comment entitled "When Macroeconomic Tensions Result in rating Changes: How Vulnerable Are Emerging European Sovereigns?" published in May 2008, Moody's concluded that Bulgaria's rating should be able to withstand a severe but unlikely shock.
Source: Profit.bg
CORPORATE news
Monbat AD [5MB]
Monbat 8-month unconsolidated net profit doubles YoY
Monbat, Bulgaria’s biggest producer of car batteries, reported that its unconsolidated sales revenue grew 40% YoY to BGN 15m in August 2008. Unconsolidated sales revenue in the eight months of the year were reported at BGN 120m, a 67% YoY. The January-August unconsolidated EBT were BGN 20.7m, up 105% YoY. In August alone, EBT rose 44.8% YoY reaching BGN 2.9m.
Source: Monbat
Advance Terrafund ADSIC [6A6]
Advance Terrafund capital increase attracts BGN 78m
Final data showed that a total of 41m new shares (62% of success rate) have been subscribed during Advance Terrafund capital increase. The total proceeds from the issue amounted to BGN 78m. After its registration, the fund new registered capital should amount to more than BGN 85m making it the biggest REIT in Bulgaria.
Advance Terrafund capital raise was the biggest so far in 2008. According to data 48.5% of the new shares were subscribed by foreign investors with International Finance Corporation (World Bank subsidiary) paying 15m shares.
Source: Karrol, FFBH
Bianor Plc [5BI]
All Telecoms new owner is planning investment for EUR 6m
All Telecoms, an associated company of Bianor Holding group has a new owner - Luxemburg based company Notos investments, which currently holds 70% of its shares. According to an investment agreement signed between the two companies, Notos will invest about EUR 6m in All Telecoms. After the closure of the deal Bianor holds 4.5% of the company (versus 15% stake as of H1 2008) and has no representative at the board of directors of All Telcoms but remains a main technological partner.
Source: Dnevnik; FFBH
Corporation for techn.&innovations Saedinenie AD [5T3]
KRS Saedinienie plans to list third subsidiary
Corporation for Technology and Innovation (KRS) Saedinenie AD plans to list its subsidiary Orfey Club Wellness AD, which operates in the tourist industry. If completed, this should be KRS third public subsidiary. The company has a registered capital of BGN 20.4m divided into the same number of shares. According to KRS’s management 4m shares would be offered to the public in early 2009.
Earlier this year KRS’s public subsidiaries Optela – Laser Technologies AD and Metalik AD announced that they intend to perform capital increases.
Source: Investor.bg, FFBH
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/FFBH/BMU26-09-08.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: management |
Search for: company |
Search for: industry |
Search for: indices |
Search for: exchange |
Search for: credit |
Search for: rating |
Search for: sales |
Search for: Bulgaria |
BMU26-09-08.pdf, 70 Kb
