Headlines
Unipharm plans to double share capital
Deputy head of State Agency for National Security dismissed
Another BGN 350 mln of the budget surplus may be spent
Sofia City Court launches lawsuit against former head of the state agriculture fund
Overview
Fear grips investors, SOFIX back to hell
Bulgaria's capital market, infected with the global equity rout, suffered one of the direst days in its history. All indexes on BSESofia were almost freefalling today; nevertheless the stock exchange remained open till the end of the session unlike the ones in Romania, Ukraine, Austria and some other European countries. SOFIX opened strongly in red, loosing 6% of its capitalization in early trading. Later in the day selling accelerated and led the index 8.36% down, at 858.39 – its lowest close since November 15, 2004, and one of the severest in its history.
Volume was relatively light excluding the shares of First Investment Bank [5F4, -5.8%] and CB Corporate Commercial Bank [6C9, -9.1%] which were among the most actively traded issues again and generated almost 50% of the total turnover. Top losers included a number of industrial companies like Favorit Hold [6A9, -27.7%], Kapitan Dyado Nikola [3KN, -25.0%] and Alcomet [6AM, -16.5%], some REITS – like Agro Finance [6AG, -25.7%] and BenchMark Fund Estates REIT [6BMA, -14.6%], pharmaceutical Sopharma [3JR, -17.7%] and many others.
Corporate news
Unipharm plans to double share capital
Unipharm [59X] plans to double its share capital to BGN 1.0 mln using own reserves, the company said. Its shareholders will put the proposal to vote at a meeting on November 26. If the move is approved, shareholders will be eligible to receive one new share for each share held.
Economy and Politics
Deputy head of State Agency for National Security dismissed
The deputy head of Bulgaria’s State Agency for National Security Ivan Drashkov has been dismissed, the cabinet said. Drashkov’s name has recently been mentioned in scandals such as a deal for the purchase of 1.4 ha of municipal property in which a forged signature of Sofia’s mayor Boiko Borisov has been used. The buyer of the land plot is Drashkov's brother, Petar Drashkov.
Another BGN 350 mln of the budget surplus may be spent
The government plans to spend BGN 350 mln from the country’s budget surplus on top of the previously announced BGN 1.2 bn which it plans to give for infrastructure and social activities, Prime Minister Sergei Stanishev said on Friday. Out of the BGN 350 mln, BGN 100 mln are planned to go for building and repairing of roads.
Sofia City Court launches lawsuit against former head of the state agriculture fund
Sofia City Court launched a lawsuit against the former head of the state agriculture fund, Asen Drumev. Drumev has been charged with causing damages worth some BGN 500 th. Drumev was dismissed as head of the fund in 2007. The European Union has frozen millions of euro in payments for Bulgarian farmers due to irregularities in the handling of EU aid.
Upcoming Events
Lavena [4L4]
25.11.2008 Shareholders of Lavena [4L4] to vote on proposed changes in the company’s management board.
Bulgarska Roza-Sevtopolis [4BJ]
25.11.2008 Bulgarska Roza-Sevtopolis [4BJ] will hold a shareholders' meeting to choose an audit committee.
market performance (table)
Top Gainers (table)
Top Losers (table)
Trends (Sofix) (chart, table)
BG40 Stocks (table)
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Newsletter Daily 2008.10.10.pdf, 162 Kb
