market WRAP-UP
On Wednesday the demand seemed to be quite strong early in the morning, especiallyin the more liquid names, but later sellers appeared and balanced the equation still at levels higher than on Tuesday. SOFIX advanced 2.21% to 1262.50 bps, while BG40 and BGTR30 fixed 363.25 bps (+2.88%) and 831.16 bps (+2.19%) respectively. Descent volumes were traded in Industrial Holding Bulgaria (IHLBL, BGN 7.75, +1.31%), Sopharma (SFARM, BGN 6.50, -0.02%) and Chimimport (CHIM, BGN 8.80, +3.61%). The banks also received support as Central Cooperative Bank (CCB, BGN 6.25, +8.68%), First Investment Bank (FIB, BGN 8.00, +3.09) and Corporate Commercial Bank (CORP, BGN 89.78, +4.29%) all gained significantly. On the negative side remained Petrol (PET) which lost 2.60% to BGN 4.46 after more than 31k traded. Zarneni Hrani (ZHBG) made the largest move up as it advanced 11.11% to BGN 2.50 with a total volume of 85 761 shares.
SOFIX/ BG40 (chart)
BGREIT/ BGTR30 (chart)
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 262.50 | 363.25 | 95.49 | 831.16 |
| 1-day change (%) | 2.21 | 2.88 | -1.09 | 2.19 |
| 7-day change (%) | -1.11 | 0.29 | -2.06 | 0.82 |
| 90-day change (%) | -28.59 | -29.88 | -7.51 | -24.27 |
| 365-day change (%) | -0.08 | 47.56 | -4.51 | -16.88 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 2 243 632 |
| BSE Daily Turnover | 12 375 178 |
| Average Daily Turnover YTD | 15 450 120 |
| Average Daily Turnover 12 months | 37 955 262 |
Most recent macro data
| Inflation (M/M February) | 1.1% |
| Inflation (cumulative 2008) | 2.5% |
| LEONIA Reference Rate | 4.93% |
| SOFIBOR /3 months/ | 6.695% |
| GDP Growth (Y/Y 2007) | 6.2% |
| Unemployment (Feb 2008) | 7.26% |
exchange rates
| Current | Change | |
| BGN/USD | 1.24496 | -0.01127 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.571 | 0.01409 |
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
Wood-processing companies outsource operations in neighbour Balkan countries Faced with a timber shortage of around 1.5m cubic metres annually and with the high import cost of the raw-material, Bulgarian wood-processing companies are outsourcing their production operations to countries like Romania, Serbia and Macedonia. Wood-processing industry in Bulgaria absorbs 5.5m cubic metres timber material annually, which is 50% of the timber growth in the country.
Source: Dnevnik
Energy sector
Fuel retailer Eko Bulgaria to buy 7 Tempo Petrol stations
Eko Bulgaria, part of the Greek Hellenic Petroleum Group, will buy for an undisclosed amount seven of the nine filling stations of Tempo Petrol, as well as a fuel storage depot of the retailer. The deal should be approved by the Commission for Protection of Competition. Its decision is expected in a month at the latest, as Tempo's share of the domestic fuel retail trade is estimated at 1% or less. According to experts, the cost of the deal is estimated to be around EUR 10m. Hellenic Petroleum plans to invest about EUR 150m in franchise expansion in Bulgaria.
Source: Dnevnik
CORPORATE news
PET
Lukoil wants to buy an undisclosed number of Petrol's stations
The Commission for Protection of Competition announced that Lukoil has filed a request for approval of the purchase of an undisclosed number of Petrol’s gas stations. The Commission will announce its decision within a month. If this purchase threatens the competitive environment in the retail fuel distribution market and/or create a dominant position of Lukoil in this market, the deadline for decision announcement will be extended by 3 months.
Source: CPC
ENM
Enemona to invest BGN 100m in a cogeneration plant
Enemona will invest about BGN 100m in the construction of a cogeneration plant in the town of Nikopol. The total capacity of the plant will be 50MW. It will use 90% straw and 10% other agricultural waste as fuel. Some 200k tons of steam is expected to be consumed annually by the plant. Steam will be provided to Mayr-Melnhof Nikopol, a cardboard recycling plant. Supplying heating to public and residential buildings in the town is also in the plans.
Source: Pari
ALB
Albena expects 10% rise in the number of tourists from former soviet republics
Albena expects that the tourists from former soviet republics will account for the bulk of its visitors in the forthcoming season. The resort plans a 10% YoY increase in the number of tourists from Russia, Ukraine, Moldova, Belarus. This year season in Albena will start on Easter – usually it is opened in June.
Source: Investor.bg; FFBH
CBAAMG
CBA Asset management opens its first hypermarket in Veliko Tarnovo
Today CBA Asset management opens its first hypermarket in Veliko Tarnovo, which is the company’s sixth store in the town. Over BGN 2m have been invested in the new shop. The company plans that a second hypermarket in Sofia will start activity in April. The combined retail space of the CBA stores is expected to reach 16 600 sq.m. by mid-2008.
Source: Dnevnik
BSEA
REIT Black Sea investments plans a BGN 14.3m capital raise
Financial Supervision Commission approved the capital raise prospectus of REIT Black Sea investments. The company will issue 14.3m shares with par and issue value of BGN 1 each. Currently the company’s registered capital amounts to BGN 650k. The fund distributed a dividend of BGN 25.13 per share for 2006.
Source: Dnevnik
Pending listing
FSC approved the SPO prospectus of Bioiasis
Yesterday the SPO prospectus of Bioiasis was approved by the Financial Supervision Commission. The registered capital of the company consists of 200 000 common shares with a face value of BGN 1 each. Currentshareholders of Bioiasis are Georgios Kisas (70%) and Dimitrios Sotiropoulos (30%). The company is a distributor of medical products in the filed of neurosurgery, invasive cardiology, orthopaedy, rheumatology, intensive care. It sells its goods directly to hospitals, pharmacies and consumers and participates in medical tenders.
Source: Profit.bg
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