Highlights:
- The CROBEX plunged 4% to 2,662 points, HRK 97mn in turnover
- Croatian government to ask for higher price for INA – press
- Open-end investment fundslost 15.6% of their NAV in September
- AD Plastik becomes 100%owner of Russia’s ADP-Luge
market comment:
The Croatian equity market suffered severe losses again on Tuesday, with great majority of stocks recording negative movements. market liquidity somewhat improved compared to the day before, totaling HRK 97mn in regular turnover. The CROBEX plunged 4%, losing for the fourth consecutive day, to 2,662 points, a lowest level since June 2006. Strong pessimism dominating the market is best reflected in the fact that only 4 stocks among 30 top turnovers closed in the green territory. Biggest drops among high turnovers were seen by the biggest Croatian bank Zagrebacka banka, which fell 12.9% on concerns over stability of its majority owner Unicredit, and construction company Viadukt, which dropped 11.2%, closing at the lowest level in almost 3 years. Poor performances were also seen in the shipping sector, particularly by Uljanik plovidba (-8.9%) and Atlantska plovidba (-6.3%). Paper/cardboard company Belisce (+3.1%) and constrction company Hidroelektra niskogradnja (+1.6%) gained most among rare winners.
market outlook:
The Croatian equity market could witness further negative movements, as the crisis on the world markets deepens.
Corporate news:
Croatian government to ask for higher price for INA – press INA (Reduce, current price: HRK 2,300.00, target price: HRK 2,550.00) The Croatian government has allegedly decided on its three main goals in negotiations with MOL over a possible stock swap for INA shares, according to Croatian daily Poslovni dnevnik, which cites anonymous sources close to the government. Firstly, the government aims to swap INA shares at a higher price than the one MOL paid in the takeover offer. Secondly, regarding the period in which gas prices in Croatia will come to market levels, the Croatian government is aiming to negotiate the period for as long as possible, at least until 2012. Finally, the government will insist on getting the right to repurchase INA shares from MOL, in case some significant changes occur within the Hungarian company. The source also said that a stock swap with MOL is just one of the options for further privatization of INA, adding that the government has not given up on the sale of INA shares as an option or stopping the entire privatization process. Jakub Zidon +420 224 995 340, Davor Špoljar +385 62 372 825
Open-end investment funds lost 15.6% of their NAV in September
According to data published by HANFA, Croatian open-end investment funds lost 15.6% of their net asset value (NAV) in September, falling to HRK 14.87bn. Their NAV reached the lowest level since 2006. The biggest drop was seen among equity funds (-23.3% to HRK 4.85bn) and balanced funds (-19.2% to HRK 3.67bn). Some losses were seen as well among money and bond funds, which witnessed a decline in their assets under management of 5.88% and 0.49%, respectively.
AD Plastik becomes 100% owner of Russia’s ADP-Luge
Croatian manufacturer of automotive plastic components AD Plastik announced that 490 additional shares of Russian company ADP-Luge were acquired. The company already had 510 shares, or 51% of the founders’ capital. With this acquisition, AD Plastik became the 100% owner of the Russian company from St. Petersburg. The remaining stake was purchased from Russian company ZAO CK MFPG "Aerocosmic equipment" for 490,000 rubles. After this transaction, AD Plastik increased the founders’ capital of ADP-Luge by acquiring 100% of newly issued 263,000 shares for 263mn rubles.
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_09_10_2008.pdf
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Copyright: Erste Securities Zagreb, Croatian Equity Daily, Thursday, May 31, 2007 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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Daily 09 10 2008.pdf, 202 Kb
