market WRAP-UP
The opening bell on Monday initiated the use of the Xetra trading platform on the Bulgarian Stock exchange. Although the change was planned for a long time it seemed that not every one of the market participants was ready to start using Xetra in its full functionality. The immediate effect of that fact was the dramatically low liquidity that we witnessed till the end of the session. Eventually, the indices made only small changes as SOFIX closed at 1194.40 bps (+0.01%), BG40 moved only 0.09% up to 326.24 bps and BGTR30 gained 0.05% to 805.07 bps. The major moves came from Lead and Zink Complex (5OTZ, BGN 38.90, +4.09%), Industrial Holding Bulgaria (4ID, BGN 7.37, +3.51%) and Chimimport (6C4, BGN 9.70, -3.48%). Close to one third of the volume was registered in the compensation instruments where strong demand pushed the prices up between 13.31 and 21.05% to reach BGN 0.45.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 194.40 | 326.24 | 95.82 | 805.07 |
| 1-day change (%) | 0.01 | 0.09 | 2.19 | 0.05 |
| 7-day change (%) | -1.18 | -1.00 | 1.24 | -0.41 |
| 90-day change (%) | -5.82 | -8.94 | -1.75 | -2.54 |
| 365-day change (%) | -11.48 | 10.43 | -4.18 | -19.49 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 2 840 512 |
| BSE Daily Turnover | 3 499 266 |
| Average Daily Turnover YTD | 13 887 915 |
| Average Daily Turnover 12 months | 36 429 152 |
Most recent macro data
| Inflation (HICP, M/M May) | 0.9% |
| Inflation (HICP, cum. 2008) | 5.2% |
| LEONIA Reference Rate | 5.06% |
| SOFIBOR /3 months/ | 7.031% |
| GDP Growth (Y/Y 2007) | 6.2% |
| Unemployment (April 2008) | 6.51% |
exchange rates
| Current | Change | |
| BGN/USD | 1.26517 | -0.01015 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.5459 | 0.0123 |
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
Bulgaria's real GDP grows by 7% YoY in Q1
Bulgaria's gross domestic product (GDP) amounted toBGN 13.5bn in current price terms in Q1 2008, which is 7% YoY real growth, preliminary data of the National Statistical Institute (NSI) show. The GDP per capita totaled BGN 1 760 in the period.
The gross value added (GVA) in the Bulgarian economy in Q1 amounted to BGN 11bn in current prices, up 7.6% YoY. The services sector accounted for 63.2% of the gross value added in the economy, 8.3% real growth YoY. The industrial sector grew 7.7% YoY in real terms in Q1 and amounted for 34.6% from GVA. The agrarian sector dropped 1.6% YoY in real terms during the quarter.
Individual consumption stood at 84.5% of Q1 GDP, marking an increase of 5.7% YoY. Bulgaria's foreign trade balance for the first quarter of 2008 shows a gap of BGN 3.7bn. The foreign trade turnover went up by 7.8% in the first three months of the year. The export of goods and services rose by 9.2%, while the increase in imports was 5.8%.
Source: Profit.bg
CORPORATE news
KremikovtziAD [4KW]
Newly set-up company may acquire Kremikovtzi assets
The assets of struggling steel mill Kremikovtzi will be transferred to another company, managing board chairman Guntupalli Jagannadham told a news conference on Monday.
Preliminary agreements will be signed with all creditors before the insolvency procedure starts. The assets will then be auctioned off and all creditor claims will be satisfied. In an official press release, Kremikovtzi said the administratorsthat had been appointed had been 'removed', a move that legal experts said the management was not competent to undertake. A source from the management later said the administrators had not actually been removed yet but that was inevitably going to happen because the claims of the creditors that had requested the company's insolvency have almost been satisfied in full.
Monthly output is currently 60k tons after falling to 40k tons in February this year, said the management. Full capacity should be reached next week.
The break-even point is 106k tons a month.
Source: Dnevnik
Evrohold Bulgaria AD [4EH]
EuroIns Insurance Group shows 32% YoY gross written premiums growth for the first 5 months of 2008
The total written premiums of EuroIns Insurance Group’s subsidiaries (EuroIns Bulgaria, EuroIns Romania, EuroIns Osigoruvanje, EuroIns Health Assurance) reached BGN 64.7m for the first five months of 2008, up 32% YoY.
EuroIns Bulgaria realized the largest premium growth (42%) – BGN 31m for the first 5 months of 2008 compared to BGN 22m for the same period of 2007. The most substantial growth is witnessed at the Cargo insurance products – 96%, followed by Casco insurance products with 58.6% and Property insurance products growing by 40.1%.
The Group generated BGN 25k of written premiums in Spain for the first three weeks since the beginning of its operations there with an average insurance premium in the amount of BGN 655. The realized premium revenue is generated by MTPL insurance products. EuroIns Romania and EuroIns Osigoruvanje had gross written premiums of BGN 29.2m and BGN
4m, respectively, for the 5-month period of 2008 (up 24% YoY for each of the subsidiaries). EuroIns Health Assurance registered revenues of BGN 413k, up 65% YoY.For 2008, EuroIns Bulgaria forecasts BGN 87.9m of gross written premiums. EuroIns Insurance Group envisages BGN 185m in total written premiums by the end of 2008.
Source: Eurohold
Lomsko pivo [6L1]
Lomsko Pivo shareholders will vote on BGN 0.10 DPS
At a general meeting scheduled for July 31, the shareholders of Lomsko Pivo will vote on the distribution of BGN 450k of the company’s last year profit as cash dividend. The proposed dividend amounts to BGN 0.10 per share.
Source: Investor.bg; FFBH
AdvanceTerrafund ADSIC [6A6]
REIT Advance Terrafund owns land for BGN 97.6m as at the end of May
As at the end of May 2008, Advance Terrafund owns land for BGN 97.6m, the company has told x3news.com. This includes 233k decares of agricultural land.
The REIT has rent out 140k decares of land for the agricultural 2007-2008, which is 64% of all land owned at end-2007. At the average rent size of BGN 14 per decare, the total rents the company expects to collect is about BGN 2m. Rent revenues for the agricultural 2006-2007 were at the amount of BGN 0.7m.
Source: Profit.bg
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