Daily comment:
Declining price of oil and statement of major domestic institutional investor that Mol’s takeover price for Ina is too low did not have an influence on domestic capital market, as ZSE’s official index declined by 0,1%, while stock turnover amounted to HRK 31,9 million. Domestic pension funds, after today’s meeting, stated that an official takeover bid for oil and gas company Ina (INA-R-A) made by Hungarian oil company Mol does not reflect a reasonable price for the following reasons: the price is lower than Ina was traded during the last month; it is barely above the minimum required; and it does not include potential cost reduction which synergy between Mol and Ina would create. Mol offered HRK 2.800 per share for 30,2% of shareholders’ equity, while Ina ended the day at HRK 2.802, 0,4% up, collecting HRK 3,3 million in turnover. Construction consultancy company Institut građevinarstva Hrvatske (IGH-R-A) gained 0,1% after the company’s CEO uncovered some of the plans in case IGH wins a tender for privatization of 50% of business complex Zagrepcanka. He also stated that company will most probably reorganize into a holding company as their business spectrum has significantly expanded and now includes project development, project supervision, project investments, project consulting etc. IGH share is about to be included into the official Zagreb Stock exchange market, where it will begin to be traded on September 4th. Other companies from construction sector declined in prices today, with construction engineering company Ingra (INGR-RA) losing 1%, civil engineering company Hidroelektra niskogradnja (HDEL-R-A) nosedived 6,1%, and construction company Tehnika (THNKR- A) declining by 0,7% to end at HRK 4.495. Distributor & health care and consumer goods producer Atlantic Group (ATGR-R-A) remained unchanged collecting HRK 2,7 million in turnover as investors reacted to the new acquisition the company made. The company acquired ZIP distribution and with it added new brands to their distribution portfolio as their newest addition distributes Schwartau, Corny, Winsenia, Niki i Emco products. Distribution of these brands will start on the 15th September, while annual turnover is estimated at some HRK 25 million (1,5% of Atlantic Group 2007 sales). management of the company did not disclose the purchasing price.
news flash:
- New job for former boss of BT
- KDB Chief Says Banks Are Seeking Lehman deal
- Alcatel-Lucent Appoints 2 Top executives
- UK recession this year, OECD says
CROBEX index - Zagreb Stock exchange -0,1%
change in 2008. -33,4%
CROBEX index - Zagreb Stock exchange (chart)
Avg price change for CROBEX members (chart)
market multiples - shares (tables)
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