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market Highlights
Bulgarian shares continuedthe positive run in improved volumes as compared to Tuesday. Indexes ended higher Wednesday, getting a late shot of buying after a low-volume trading session. BG40 outperformed supported by 80% of its components. The entire financial sector finished in the green. First Investment Bank (FIB: 7.82; +4.27%) breached the threshold of BGN 8.00 and managed to close on the upside. FIB’s yearly results could boost the position in short term along, despite the recent weakness of the shares. FIB dropped by 25% below the IPO’s price and by 54% below its all-time high. The bank’s credit portfolio is not under pressure of rising defaults as shown in the provisions. However, the bank has large expositions on mortgage loans for Bulgarian individual clients and firms.
Monbat (MONBAT: 26.20; -0.27%) closed at BGN 27.20 but the daily average price finished on the downside. The good financial results for February supported MONBAT’s shares during the session. Infrastructure companies erased some of their recent losses as buyers restored their interest. Trace Group Hold (TRACE: 125.24; +2.83%) outperformed other infrastructure companies in moderate volumes.
The negative moods gradually step back and gave place of the positive bias. However, the market is susceptible to quick reverse and sizable losses as the current buy offers remain scarce.
BG40 (LS)/ SOFIX (RS) (chart)
| SOFIX | 1262.50 | 2.21% | 27.29 |
| BG40 | 363.25 | 2.88% | 10.17 |
| BGTR30 | 831.16 | 2.19% | 17.79 |
| BGREIT | 95.49 | -1.09% | -1.05 |
| Number | Turnover | |
| Stocks | 1 595 088 | 6 654 595.71 |
| Bonds | 100 | 211 422.63 |
| Compensatory Notes | 21 721 | 9 339.36 |
| Primary market | - | - |
Stocks in focus
ENEMONA (chart)
Enemona (ENM: 17.92; +1.02%) took an investment class A certificate for the energy project in Nikopol. The company will build a power plant that utilizes agricultural biomass. The plant will be ready for exploitation after at least three years. The total amount of the investment is BGN 100 million, which ENM will provide by own resources or international financial institutions. The planed capacity is 50 MW. Shares of ENM were supported during the session and closed at BGN 18.09.
SVESL (chart)
3.9% from the capital of Svetlina (SVESL: 14.24; +9.54) will be offered on a closed mixed auction April, 1. The minimum price for the entire stake is BGN 324 994.80 or BGN 18.82 per share. SVESL posted BGN 661 000 nonconsolidated profit for 2007. Synergon Holding (PETHL: 9.56; +4.60%) owns 75.32% from the company. The company was traded in modest volumes during the session as only 61 changed hands.
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Copyright: 2006 Elana Trading. All rights reserved.For further Information please contact Elana Trading, 49 Bulgaria blvd. , 1404 SofiaPhone: +359 2 810 00 40, fax: +359 2 810 00 99, e-mail: research@elana.net, web site: http://www.elana.net
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Bulgaria Daily Report 26 03 2008.pdf, 49 Kb
