Highlights:
- Negative movemements on the market, the CROBEX dropped 2.9%
- IGH – Delays in the project for TZV Gredelj
- Agrokor – Decision on the best bidder for Lenta delayed
- Arenaturist announced raising quality of hotel facilities
- Valamar and City Dubrovnik seek partner for congress centre construction
market comment:
The Croatian equity market had another bad day on Tuesday, with mostly negative movements on the market. market liquidity remained on the high levels, totaling HRK 123mn in regular turnover, with additional HRK 10.2mn in a block transaction with shares of Koncar elektroindustrija. The CROBEX dropped significantly for the second day, on Tuesday losing 2.9% to 3,090 points, almost annulling gains from Friday. Majority of stocks traded on the market closed in the red territory, with only 3 winners among 40 most liquid stocks. The biggest drop among high turnovers was posted by shipping company Atlantska plovidba (-5.9%). Poor performances were also seen by construction company Ingra and tobacco/tourism company Adris, both losing 3.6%. The most liquid stock on Tuesday was distribution company Atlantic Grupa, which dropped 4.5% to a lowest level since the company was listed in November 2007, accompanied by its highest turnover since listing.
market outlook:
The Croatian equity market could witness some downward pressure again on Wednesday.
Corporate news:
IGH – Delays in the project for TZV Gredelj
According to Croatian daily Business.hr, civil engineering company IGH is late approximately 6 months in the project of designing and supervision of new production facilities of engineering company TZV Gredelj. This was confirmed by CEO of TZV Gredelj Mr. Antun Fabek, which said that the biggest delay referred to making of project documentation, adding that IGH has never before designed a project of such technological complexity. Total worth of this contract is HRK 20mn, while possible costs caused by delays will be determined after the project is finalized.
Agrokor – Decision on the best bidder for Lenta delayed
Owners of the third biggest Russian supermarket chain Lenta delayed the decision on the best bidder for a 89% ownership stake in the company for October, according to Croatian daily Jutarnji list, citing Russian media.
Shareholders should have reach a decision last week, but have delayed it due to not favorable developments on financial markets.
Arenaturist announced raising quality of hotel facilities
Croatian tourist company announced that reconstruction of all hotels, apartments, villas, restaurants and camps will start in coordination with the local Community. Main goal of this reconstruction is to increase rating of its capacities to four stars with one exception Hotel Brioni which will be raised to five star accommodations. Along with stronger distribution channels this should as well increase occupancy rate and extend tourist season.
Valamar and City Dubrovnik seek partner for congress centre construction
Croatian tourist company Valamar isolated part of its land in order to allow congress centre to be build there. City Dubrovnik seeks investor which will in form of Public Private Partnership invest in construction. Overall investment is estimated at around EUR 100mn. Exact business relations between City Dubrovnik, Valamar and potential investor are not yet known to public. Valamar is interested for this project as new congress centre will be useful addition to its hotel complex Dubrovnik – Babin kuk.
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_24_09_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 24 09 2008.pdf, 187 Kb
