market WRAP-UP
SOFIX dropped to a 23 month low on Thursday. The index closed at 989.22 (-0.69%) after sell pressure in Sopharma (3JR) where more than 49k changed hands pushing the price down to BGN 3.70. Industrial Holding Bulgaria (4ID, BGN 5.711, - 2.38%) and EuroIns Insurance (5IC, BGN 6.82, -2.57%) also went down significantly. The price weighted BG40 also dropped to a 20 month low hitting 239.31 (-1.56%) with the major changes coming from Orgachim (5ORG, BGN 165.202, -2.25%) and Odessos Shiprepair Yard (5ODE, BGN 220.00, -3.51%). The equally weighted BGTR30 set the new bottom level at 646.24 (- 0.39%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 989.22 | 239.31 | 85.80 | 646.24 |
| 1-day change (%) | -0.69 | -1.56 | -0.19 | -0.39 |
| 7-day change (%) | -4.04 | -4.54 | -0.76 | -2.50 |
| 90-day change (%) | -19.27 | -29.28 | -9.95 | -21.44 |
| 365-day change (%) | -38.90 | -44.27 | -14.20 | -35.38 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 737 924 |
| BSE Daily Turnover | 2 963 531 |
| Average Daily Turnover YTD | 11 782 822 |
| Average Daily Turnover 12 months | 19 747 808 |
Most recent macro data
| Inflation (HICP, M/M July) | 1.4% |
| Inflation (HICP, cum. 2008) | 7.2% |
| LEONIA Reference Rate | 5.24% |
| SOFIBOR /3 months/ | 7.311% |
| GDP Growth (Y/Y Q2 2008 preliminary) | 6.3% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.35436 | 0.007 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4441 | -0.0075 |
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Retail trade
Retail trade jumps 6% YoY in July 2008
Bulgaria is one of the few countries in the EU with strong growth in retail sales so far this year. According to data provided by Eurostat retail trade in Bulgaria in July jumped 6% YoY compared to 5.2% YoY growth in June. Only Romania (18%), Slovakia (6.8%) and Poland (6.6%) exhibit stronger growth in retail sales than Bulgaria.
Source: FFBH; Dnevnik
CORPORATE news
Bulgarian American credit Bank [5BN]
Standard & Poors increases BACB’s counterparty credit rating to BB+
On 4 September 2008 Standard & Poor's Ratings Services announced that pursuant to the acquisition of a 49.99% shareholding in BACB by Allied Irish Banks, P.L.C. (AIB; A+/Positive/A-1) it increases the long-term counterparty credit rating of BACB from BB to BB+. The short-term credit rating is confirmed at B. The outlook is positive.
On 25 February 2008 Standard & Poor's Ratings Services placed the Bank’s rating on CreditWatch Positive expressing the view that subject to the successful acquisition by AIB BACB’s final rating would exceed its stand-alone rating due to the expected strengthening of its market position and funding profile that can stem from the support of a shareholder such as AIB.
Source: AIB
Optela-Optichni technologii AD [3OO]
Optela plans capital increase
Plovdiv public company Optela-Laser Technologies AD will increase its capital from BGN 9.1m to BGN 10.6m, the company reported through BSE. The decision was taken by the board of directors at the general shareholders’ meeting on June 26, 2008. Optela will issue 1.5m shares at BGN 1 par value and issue price BGN 2.
Source: Pari; FFBH
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http://reports.aiidatapro.com/BBB/FFBH/BMU05-09-08.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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BMU05-09-08.pdf, 67 Kb
