market WRAP-UP
The market further declined on Friday putting an end to one of the most pessimistic weeks on the Bulgarian Stock exchange. Aggressive selling from local investors mainly led to significant losses for all the indices. The market cap weighted SOFIX lost 3.65% to 1 185.50 bps which was its lowest level for the last 12 months. Among the top losers within the index were Holding Roads (HDPAT, BGN 1010, -9.03%) where more than 1 000 shares changed hands, Bulgarian American credit Bank (BACB, BGN 67.04, -6.23%) with only 38 shares traded and Lead and Zink Complex (OTZK, BGN 55.10, -8.17%). BG40 and BGTR30 closed at 338.71 (-2.66%) and 781.33 (-2.43%) respectively with the major changes coming from Fazerles (FZLES, BGN 174.00, -3.93%), Moststroy (MOSTS, BGN 122.00, -6.15%) and Petrol (PET, BGN 3.85, -6.12%). Among the very few gainers was Sparky Eltos (ELTOS, BGN 12.00, +5.25%) where and aggressive buyer pushed the price up with bellow 12k traded.
SOFIX/ BG40 (chart)
BGREIT/ BGTR30 (chart)
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 185.50 | 338.71 | 95.86 | 781.33 |
| 1-day change (%) | -3.65 | -2.66 | -0.21 | -2.43 |
| 7-day change (%) | -11.81 | -11.61 | -2.56 | -9.31 |
| 90-day change (%) | -32.94 | -34.62 | -7.15 | -28.81 |
| 365-day change (%) | -6.32 | 38.79 | -4.14 | -21.87 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 1 259 344 |
| BSE Daily Volume (BGN) | 13 385 736 |
| Avg Daily Turnover YTD (BGN) | 15 661 782 |
| Avg Daily Turnover 12 mo. (BGN) | 38 051 856 |
Most recent macro data
| Inflation (M/M February) | 1.1% |
| Inflation (cumulative 2008) | 2.5% |
| LEONIA Reference Rate | 4.85% |
| SOFIBOR /3 months/ | 6.684% |
| GDP Growth (Y/Y 2007) | 6.2% |
| Unemployment (Feb 2008) | 7.26% |
exchange rates
| Current | Change | |
| BGN/USD | 1.26813 | 0 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.54229 | 0 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Energy sector
Bulgaria to hire advisor to prepare Maritsa Iztok tender
Bulgaria will pick over the next 2-3 months a consultant to draw upthe terms for the selection of an investor for a new 600MW capacity in the Maritsa Iztok coal basin, Southern Bulgaria, said Ivan Markov, executive director of the Maritsa Iztok mining company.
The procedure will be open to vendors witha highly efficient and environmentally sound technology for the burning of lignite coal. They will sign a long-term supply contract with the Maritsa Iztok mines. According to deputy energy minister Galina Tosheva, the investor selection process could get underway before the end of 2008.
Source: Dnevnik
CORPORATE news
MONBAT
Monbat shareholders to vote cash and stock dividend
Monbat will seek shareholder approval at a May 16 general shareholder’s meeting to distribute as cash dividend 20% of 2007's BGN 17.4m profit. Monbat also plans to increase its capital with own funds (stock dividend) from BGN 19.5m to BGN 39m.
Source: Dnevnik
KAO
Kaolin may penetrate Romanian market
Kaolin has ambitions to make an entry into the construction sector in South Romania, the company's chief executive officer, Alexander Prokopiev, said. The company is investigating the possibilities for building a plant in the southern part of Romania.
Source: Pari
ALOFMI
ALOFMI expects to buy 8,000 ha of farmland in 2008
Agricultural Land Opportunity Fund Mel Invest said it expects tobuy 8,000 ha of arable land at an average cost of BGN 2,500 per ha in 2008, indicates the prospectus for the upcoming capital raise of the company submitted to the Bulgarian Stock exchange. The REIT plans to double its capital to BGN 28m. The rights from the capital increase will trade
March 27-April 9. The minimum subscription target is set at 2m new shares The new shares par and issue value is BGN 1 and BGN 1.1 respectively.
Source: Dnevnik
MDIKA
Medica to invest BGN 4m in 2008
Medica expects sales at BGN 14.9m in 2008, up by some 11% YoY, and a 16% increase in profit to BGN 1.8m.
The company plans to invest BGN 4m in 2008 for purchase of new production equipment for dressings and medicines, for construction of a warehouse, for marketing of new products and for purchase of dossiers for generic medicines.
Source: Dnevnik; Pari
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