Highlights:
- The CROBEX down 0.2%, almost HRK 23mn in equity turnover
- Uljanik plovidba to pay interim dividend of HRK 20 per share
- Zagreb Stock Exchange: CEO Roberto Motusic resigns, new management named
- Viro declares interest for Kandit Premijer in case of it is for sale
market comment:
The Croatian equity market was again characterized by stagnation of equities and benchmarks, and witnessed slight losses at the end of the day. market liquidity improved significantly from low volumes the day before, with total regular turnover on the Zagreb Stock exchange reaching almost HRK 23mn, with five stocks collecting more than HRK 1mn in traded value. Equity benchmarks did not witness major movements and closed slightly in the red territory, with CROBEX down 0.2% to 2,162 points. Telecom THrvatski Telekom again dominated the market in terms of activity with HRK 9mn in traded value and declined 0.9%, ending its winning streak of four straight sessions. Solid performances were seen by insurer Croatia osiguranje, which gained 2%, and shipping company Uljanik plovidba, which gained 3.3%, probably on the wings of announced interim dividend payment. Seaport Luka Ploce posted the best result among liquid issues, surging more than 6%.
market outlook:
The Croatian equity market could witness slight positive movements today.
Corporate news:
Uljanik plovidba to pay interim dividend of HRK 20 per share
Uljanik plovidba announced conclusions from the supervisory board meeting held on March 17. The SB confirmed an interim dividend of HRK 20 per share (3% dividend yield) to be paid out to all shareholders recorded in the Central Depository and Clearing company on March 31 (ex day on March 29). The decision on the dividend is based on interim FY09 net profit of HRK 54.6mn. Around HRK 11.6mn (23% of cash & equivalents) is to be paid to shareholders within thirty days of the decision. The dividend came as a surprise to us. Relative to other shipping companies, Uljanik plovidba has the weakest position in terms of liquidity. Furthermore, in spite of strong OCF, due to strong capital expenditures, cash and equivalents end up around HRK 60mn lower than in 2009, while the interim dividend is kept at the same level as in 2009.
Zagreb Stock Exchange: CEO Roberto Motusic resigns, new management named
According to Croatian press which refers to release from the Zagreb Stock exchange (ZSE), CEO of the ZSE Roberto Motusic and Board Member Melita Merceta resigned from ZSE’s BoD, yesterday. Their move is expected and comes in the light of Supervisory Board meeting which named new CEO and Board member. However, names of new members will not be released to the public until they are approved by the Croatian Financial Services Supervisory Agency. Press speculates that new CEO could be Ivana Gazic, Director of investment banking in Hypo bank.
Viro declares interest for Kandit Premijer in case of it is for sale
The biggest Croatian sugar producer Viro reacted yesterday on press release from Kandit Premijer that scenarios that are considered are sale or closing of sugar factory in case of failure to collect receivables from the state. Mr. Zeljko Zadro, CEO of Viro, said they do not have any news on sale of Kandit Premijer, but in case this proves to be correct, they are interested. Similar reaction to the news has been made by representatives of Zito.
CROBEX (chart, table)
Top 10 Turnovers (table)
Top 5 Winners (table)
Top 5 Losers (table)
Croatian Equity Daily (table)
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To view the original document, please click on the link below:
http://reports.aiidatapro.com/CBB/ErsteSecurities/Daily_19_03_2010.pdf
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Copyright: Erste Securities Zagreb, sales : Zeljka Kajkut-Brni Phone: +385 62 37 2811 kajkutz@erstebank.com Damir Eror Phone: +385 62 37 2813 erord@erstebank.com Research: Damir Cukman Phone: +385 62 37 2820 cukmand@erstebank.com Davor Spoljar Phone: +385 62 37 2825 dspoljar@erstebank.com
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