market wrap-up
On Friday despite the positive move of REIT companies all the rest indices finished the day negative: SOFIX 820.36 bps (- 3.34%), BG40 204.13 bps (-0.48) and BGTR30 543.61 bps (-2.36%), while BGREIT fixed to 543.61 bps (+0.16%). The main down pressure come from Euroins Insurance (5IC, BGN 4.11, -17.80%), Bulgarian-American credit bank (5BN, BGN 40.0, - 14.89%), Enemona (E4A, BGN14.05,-5.07%) and Central Cooperative Bank (4CF, BGN 2.9, -4.92%) which didn’t meet investor expectations. Among the gainers of the session were TK-Hold (T24, BGN 4.499, +5.86%) and Odessos Shiprepair Yard (5ODE, BGN 219.95, +4.74%). There was no volumes on the REIT market and the quiet trades kept price levels unchanged except for Elana Agricultural Land Opportunity Fund (4EC, BGN 1.6, -0.74%) where more than 130k shares changed hands.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 820.36 | 204.13 | 81.08 | 543.61 |
| 1-day change (%) | -3.34 | -0.48 | 0.16 | -2.36 |
| 7-day change (%) | -3.91 | -1.32 | -0.94 | -4.14 |
| 90-day change (%) | -28.11 | -33.31 | -15.44 | -29.17 |
| 365-day change (%) | -55.40 | -61.16 | -18.92 | -45.64 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 1 260 927 |
| BSE Daily Volume (BGN) | 4 654 880 |
| Avg Daily Turnover YTD (BGN) | 11 294 192 |
| Avg Daily Turnover 12 mo. (BGN) | 19 096 558 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.60% |
| SOFIBOR /3 months/ | 7.377 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.33595 | 0.00545 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.464 | -0.006 |
Sofix/ BG 40 / BGREIT / BGTR30 (charts)
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
Payments to end beneficiaries under SAPARD program will be renewed
The Council of Ministers adopted on Wednesday a decree on renewing payments to endbeneficiaries under four SAPARD programmes. Due to EC suspension of reimbursement of costs under these four measures, there are not sufficient available funds from the EU co-funding to make payments to end-beneficiaries.
In this regard the government will have to allocate BGN 150m from the state budget for 2008 in a special account of the National Fund managed by the Finance Minister. The funds will be provided from savings and/or extra revenues to the state budget.
BGN 50m, representing 25% national co-funding for these measures were planned in advanced and are available in a special off-budget account of the National Fund managed by the Finance Minister. Thus the total financial resource for payments of subsidies to end beneficiaries under the above measures will stand at BGN 200m.
Source: BTA; Profit.bg
Transport Sector
Sofia airport with 22% YoY growth of passengers in August
In August 2008, Sofia airport has handled the record number of 333 230 passengers, which is a 22%YoY growth, the executive director of the airport Plamen Stanchev said. The growth in the charter flights is even higher: up to 40% YoY. Sofia-London is the most preferred destination with 45 000 passengers handled in August 2008. Source: Pari
CORPORATE news
Kremikovtzi AD [4KW]
Sofia city court appoints two receivers in Kremikovtzi
On Friday the Sofia city court appointed two receivers of the insolvent metallurgical plant Kremikovtzi. Tsvetan Bankov, which was elected with 56% majority, will join Ana Milenkova. Ana Milenkova was re-elected as a temporary receiver with less than 50% of the voting rights because there was no other candidate with more than 50%.
Source: Dnevnik; FFBH
Sopharma Properties ADSIC [6S6]
Sopharma Real Estate REIT acquires 7 862 sq.m. land plot for BGN 4m in Sofia
Sopharma Real Estate REIT purchased a land plot situated in Sofia, Izgrev district with an area of 7 862 sq.m. for BGN 4m excl. VAT, the company announced to Investor.bg. The seller of the land was Telecomcomplect AD. The land plot is envisaged for the building up of an administrative and retail center. According to Information from the Commercial Register as of the end of 2007 Ognian Donev owns 48.5% of the capital of Telecomcomplect AD. He also owns 20% of the capital of Sopharma Real Estate REIT.
Source: Investor.bg; FFBH
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BMU29-09-08.pdf, 67 Kb
