Daily comment:
Low turnover continues to be the main characteristic of domestic capital market, as today’s stock turnover amounted to HRK 19,8 million, followed by 0,9% decline of ZSE's official stock index. Oil and gas company Ina (INA-R-A) topped the liquidity board collecting HRK 5,3 million in turnover. Its share price dropped 2,3% as Croatian Financial Services Supervisory Agency (CFSSA) announced that takeover bid submitted by Hungarian oil company Mol did not include all required documentation and was therefore sent back. Mol now has 15 more days to send a valid bid after which CFSSA will decide whether the offer is appropriate or not. Shipping company Losinjska plovidba (LPLH-R-A) added 4,9% after the company posted Q2 results showing HRK 19,1 million in net income, a 37,8% increase yoy, mainly driven on net extraordinary result, where company booked HRK 24,6 million. On operational side company delivered mixed results with EBIT dropping 16,3% while EBITDA increased by 8,3% as the company increased depreciation by 56,7%. Cumulatively, net income stands at HRK 29,4 million, giving EPS of 44,4 while the stock ended the day at 377,8 HRK. Largest domestic bank Zagrebacka banka (ZABA-R-A) dropped 2,6% while 2nd largest Privredna banka Zagreb (PBZ-R-A) remained unchanged. Banking sector had an excellent quarter despite major financial crises currently taking place in the world. Banks added 312 m HRK to the sales, and Zagrebacka banka and Privredna banka added most of it. Banks contributed 12% to the total CROBEX members’ sales increase, extending the period of higher sales and profitability growth. Despite good results for the banking sector as a whole, we do not expect banks to be in investors focus, at least not in this quarter – general negative sentiment on the world markets toward financials, cheap opportunities in foreign financial stocks, higher inflation with stricter monetary policy focused on cooling down the consumption is expected to keep investors off the financial stocks at the moment.
news flash:
- report Suggests Breakup of British Airport Operator
- Futures rise on HP results, but Lehman slips
- BJ’s Wholesale profit up, raises full-year view
- Lehman couldn’t secure Korean Funds: report
CROBEX index - Zagreb Stock exchange -0,9%
change in 2008. -31,4%
CROBEX index - Zagreb Stock exchange (chart)
Avg price change for CROBEX members (chart)
market multiples - shares (tables)
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stock report20080820.pdf, 107 Kb
