market WRAP-UP
The large majority of the issues were under heavy sell pressure and eventually we witnessed significant declines in the Monday’s trading session. Equities for nearly 3.6m changed hands on the BSE yesterday. SOFIX dropped to 297.98 (- 3.07%), a level from the end of July 2003, as only three companies within the index managed to close above the line. A total of 1.17m shares in Industrial Holding Bulgaria (4ID) changed hands in a single deal at BGN 1.25, for a total value of BGN 1.5m. Also more than 540k shares in CBA Asset management (C81) were traded at BGN 1.10. The price weighted BG40 fixed at 94.7 (-1.27%) after the negative moves from Chimimport (6C4, BGN 1.55, -8.45%), Synergon Holding (6S7, BGN 1.55, -7.19%) and Eurohold Bulgaria (4EH, BGN 1.015, -4.69%). BGTR30 fell to a new all-time-low level at 221.09 bps (- 2.72%), after numerous declines, the most significant ones being from Moststroy (5MY, BGN 2.3, -11.54%) and Albena (6AB, BGN 22, -8.33%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 297.98 | 94.70 | 44.23 | 221.09 |
| 1-day change (%) | -3.07 | -1.27 | -0.11 | -2.72 |
| 7-day change (%) | -8.89 | -6.12 | -1.29 | -9.48 |
| 90-day change (%) | -43.07 | -35.75 | -17.74 | -41.02 |
| 365-day change (%) | -78.76 | -77.64 | -55.50 | -75.70 |
| BSE Daily Volume (shares) | 2 204 647 |
| BSE Daily Volume (BGN) | 3 624 559 |
| Avg Daily Turnover YTD (BGN) | 3 058 222 |
| Avg Daily Turnover 12 mo. (BGN) | 9 474 271 |
Most recent macro data
| Inflation (HICP, M/M Dec) | -0.40% |
| Inflation (HICP, cum. 2008) | 7.20% |
| LEONIA Reference Rate | 3.62% |
| SOFIBOR /3 months/ | 6.835% |
| GDP Growth (Y/Y Q3 2008 prelim) | 6.8% |
| Unemployment (Dec 2008) | 6.27% |
exchange rates
| Current | Change | |
| BGN/USD | 1.50564 | -0.02295 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.299 | 0.0195 |
Sofix/ BG 40 / BGREIT / BGTR30 (charts)
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Macroeconomic news and statistics
December unemployment reaches 6.27%, up 7.1% MoM, down 9.2% YoY
The unemployment rate in Bulgaria was 6.27% in December compared to 5.85% in November, as announced by the Bulgarian Employment Agency. The total number of unemployed individuals in Bulgaria is currently estimated at 232 289, 15 447 people more compared to the previous month (0.42%). Unemployment is down by 9.2% YoY (0.64 percentage points) or 23 621 people, compared to December 2007.
The average monthly unemployment rate in 2008 was 6.31% vs 7.75% in 2007. 2008 was the year with the lowest unemployment rate registered since the establishment of the administrative statistics department of the agency in 1990. The average number of unemployed individuals in 2008 was 233 719, down 18.6% YoY.
Source: Investor.bg; FFBH
Financial sector
A small decline in the yield on 10-year Bulgarian government bonds to 7.21%
The average yield on 10-year Bulgarian treasury bonds has reached 7.21% on Monday primary auction, BNB announced. The yield from the previous auction was 7.36%.
Source: BNB
Financial sector
New loans in Dec’08 decline sharply YoY
According to the monetary statistics of the Bulgarian National Bank, the increase in new loans during December’08 was significantly lower compared to the year-ago period. In the last month of 2008 new corporate loans were BGN 34m vs. BGN 1.26bn in Dec’07. Banks also have extended considerably lower YoY retail loans in Dec’08 – BGN 46m - compared to BGN 566m in the year-ago period.
Source: BNB
Transport Sector
Bulgaria to seek transport corridor in Greece
Today Bulgaria will submit with the European Commission a demand for a transport corridor for its carriers in Greece, a BTA correspondent in Brussels reported. The country’s transportation companies have incurred substantial losses from the ongoing strike by Greek farmers, which left hundred of vehicles stranded at the border’s posts.
Source: Dnevnik
Real estate
Unfinished housings for 5m sq. m. in Sofia
Sofia holds a record with 4.98m sq. m. of residential properties under construction for 2008, statistics of Foros Agency showed. It is followed by Plovdiv with 882k sq. m. and Varna with 754k sq.m.
Source: Pari
CORPORATE news
Monbat AD [5MB]
Monbat’s unconsolidated sales down YoY for a third consecutive month
Monbat booked BGN 12.4m revenues in December 2008, down 32.17% YoY. This is the third consecutive month in which the company’s sales are on the downturn (-25% YoY in November and - 10.3% YoY in October).
Whole year sales evened up to BGN 181m, an increase of 25.7% YoY, and much in line with the company’s 2008 forecasts, which were for sales at the amount of BGN 180m.
December’s EBT came in at BGN 1.8m (down 12.13% YoY). 2008 EBT stood at BGN 29.9m (up 53.84% YoY), slightly down compared to management’s forecasts for BGN 30.6m EBT for 2008.
Source: Monbat; FFBH
Sofia-BT AD [3JU]
Sofia BT 12m profit down to BGN 425m
Yesterday, Sofia BT filed its preliminary 2008 results disclosing an almost 7% reduction in sales revenues to BGN 82.8m. Production sales alone declined 9.5% to BGN 73m. Profitability suffered considerably as EBITDA margin almost halved from 10.2% to 5.6% over the year. Rising costs of energy have pushed materials costs up, while at the same time - due to competitive pressures and the excise hike of the beginning of 2008 - the company hasn’t been able to pass that increase onto the end consumer, and had, in fact, to cut on its margins to remain competitive. The bottom line shrank 12-fold to BGN 425k.
Source: Sofia BT; FFBH
Albena AD [6AB]
Albena AD won a 10-year concession for the “Albena” beach
The Council of Ministers ruled Albena AD as a concessionaire of the“Albena” seaside beach with a decision taken on 13.01.2009. The term of the concession is 10 years and the royalty payment on it is set at 9.2%.
Source: Albena; FFBH
Chimimport AD [6C4]
Chimimport group to merge two of its pension companies
The Commission for the Protection of Competition announced that two pension companies, Lukoil Garant and CCB Sila, have submitted with it plans for a merger. The majority owner of the first one is Chimimport Invest (majority shareholder of Chimimport AD) and of the second one is holding company Chimimport AD.
If the merger takes place the combined market share of the two companies will reach around 9-10% in terms of both net assets and number of people insured.
Source: Dnevnik; FFBH
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