market WRAP-UP
The week started with a quite positive trading session. The indices moved up with the top gainer being SOFIX which gain 3.64% to 850.22, the top gainers were Euroins Insurance (5IC, BGN 4.89, +18.98%), Bulgarian-American credit bank (5BN, BGN 46.89, +17.23%) and Toplivo (3TV, BGN 14.689, +6.44%). The price weighted BG40 moved 0.46% up to 205.06 bps with the support from Industrial Capital Holding (4I8, BGN 5.49, +9.58%) and Holding Roads (6H2, BGN 16.2, +8.72%). On the negative side were Moststroy (5MY, BGN 14.00, -6.67%) and M+S Hydraulic (5MH, BGN 7.45, -4.49%). BGTR30 fixed (+2.40%) to 556.64 bps. The most liquid company during the day was Central Cooperative Bank (4CF, BGN 2.95, +1.72%) where almost 291k shares changed hands.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 850.22 | 205.06 | 80.86 | 556.64 |
| 1-day change (%) | 3.64 | 0.46 | -0.27 | 2.40 |
| 7-day change (%) | -0.41 | -0.87 | -1.21 | -1.84 |
| 90-day change (%) | -24.67 | -31.56 | -15.54 | -26.86 |
| 365-day change (%) | -54.03 | -61.91 | -19.14 | -44.34 |
| BSE Daily Volume (shares) | 18 836 601 |
| BSE Daily Volume (BGN) | 4 527 869 |
| Avg Daily Turnover YTD (BGN) | 11 258 009 |
| Avg Daily Turnover 12 mo. (BGN) | 18 973 208 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.61% |
| SOFIBOR /3 months/ | 7.409 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (August 2008) | 5.89% |
exchange rates
| Current | Change | |
| BGN/USD | 1.36304 | 0.02709 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4349 | -0.0291 |
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
Financial sector
Solid growth of interest rates in August
In August 2008, the average interest rate on outstanding corporate loans in BGN (excluding overdrafts) reached 10.6% (up 106bps YoY) while the average interest rate on new corporate loans came in at 11.33% (up 232bps YoY).
The annual percentage rate of charge on new consumer loans in BGN was 12.74% (up 181bps YoY), and 10.35% (up 132bps YoY) on mortgage loans. Interest rates on outstanding consumer and mortgage loans came in at 11.17% (up 42bps YoY) and 9.02% (up 37bps YoY), respectively.
The average interest rate on new corporate deposits in BGN with agreed maturity was 5.44% (up 120bps YoY, but down 5bps MoM), while the rate on new deposits from households was 5.89% (up 156bps YoY and up 8bps MoM). The average interest rate on outstanding corporate deposits in BGN with agreed maturity was 5.13% (up 138bps YoY), while the rate on outstanding deposits from households was 5.30% (up 82bps YoY).
Source: BNB
Macroeconomic news and statistics
Producers prices fall in August compared to July
The overall producer price index in August 2008 declined by 0.1% MoM, but is still up by 11.8% YoY, the National Statistic Institute announced. For comparison the index registered an increase of 2.3% MoM and 13.1% YoY in July. The processing industry posted a decrease of 0.5% MoM in July, where as the production of food declined by 1.3% MoM.
Source: Investor.bg; FFBH
Financial sector
New bank to commence operations in Bulgaria
New Bank Leumi with manager Bozhidar Arsenkov was officially registered in Bulgaria last week. The new branch will be officially opened at the beginning of November. It will accept deposits over BGN 10k and will finance real estate projects for over EUR 1m.
Source: Pari
CORPORATE news
First Investment Bank [5F4]
BSE moves FIB to official market of equities, Segment B
Starting from Tuesday, Sep 30 the shares of First Investment Bank will be traded on the official market of equities, segment B, the company announced. The company’s stock was previously traded on the unofficial market of equities, segment A.
Source: Pari
Sopharma AD [3JR]
Sopharma increases its direct stake in Medika to above 5%
Sopharma AD increased its direct stake in the capital of Medika AD and is already surpassing the 5% boundary, showed the bulletin of the Central Depository. The deals with which Sopharma passed the 5% limit were for 0.17% of Medika’s capital.
Sopharma owns through related parties above 90% of the capital of Medika.
Source: Investor.bg; FFBH
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http://reports.aiidatapro.com/BBB/FFBH/BMU30-09-08.pdf
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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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BMU30-09-08.pdf, 73 Kb
