Daily comment:
Despite declining crude oil prices domestic market moved in the same direction as majority of the world’s capital markets, downwards. Official ZSE stock index declined 0,1% while stock turnover amounted to HRK 21,8 million. Oil and gas company Ina (INA-R-A) topped the liquidity board collecting HRK 5 million in turnover followed with 0,6% price increase. The stock ended at HRK 2.820,03 which is higher than takeover offer made by Hungarian oil company Mol. Recent announcements made by major domestic institutional investors that the price of HRK 2.800 is too low encouraged the investors to start speculating about 2 possible outcomes: 1) either will Mol increase the price to attract institutional investors, or 2) Austrian oil company OMV will enter the competition which will eventually result with outbidding where investors will profit. OMV stated that they are interested into the entrance of privatization of INA but only in case of transparent privatization of domestic oil company. Sugar producer Viro (VIRO-R-A) dropped 0,3% on low turnover. The company announced about the start of the processing of sugar beet. In this year the company plans to process 500.000 tons of sugar beet out of which it would produce 60.000 tons of sugar. Except that it plans to proceed 70.000 tons of raw sugar from sugar cane; all together, the company plans to produce more than 130.000 tons of sugar. Viro is currently in the middle of investment cycle i.e. separating production lines to produce raw sugar and sugar from sugar beet simultaneously. This will also increase production capacities up to 30% (from current 750 to 1.000 ton daily). As a result of that investment the factory will be in two years period totally modernized, the plant should be totally automated, and energy consumption will drop for 30%. 5% drop of BDI index to 6.146 pts left trace on the performance of domestic shipping companies. Except Pula based Uljanik plovidba (ULPL-R-A) which gained 2,6%, all other shipping companies recorded price decline with Dubrovnik based Atlantska plovidba (ATPL-R-A) losing 0,6%, Split based Jadroplov (JDPL-R-A) by 1,6%, and Zadar based Tankerska plovidba (TNPL-R-A) by 4,3%.
news flash:
- Eurozone economy shrinks by 0.2%
- Bank of Canada Offers a Downbeat Outlook
- Crude oil price drops below $109
- Punch halts dividend as sales dip
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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stock report20080903.pdf, 108 Kb
