market WRAP-UP
SOFIX registered fifth consecutive positive move on Thursday. The index advanced 1.21% to 268.54 after the impressive gains from Lead and Zink Complex (5OTZ, BGN 7.05, +11.37%) and Euroins Insurance (5IC, BGN 1.90, +8.57%). Corporate Commercial Bank (6C9) continued to outperform its peers, reaching BGN 80.00 (+4.58%) with more than 6700 shares traded, after the news that the Central Bank had approved the announced acquisition of 30% of the bank. Among the most actively traded names were Industrial Holding Bulgaria (4ID, BGN 1.198, +3.36%), where 38k changed hands and Chimimport, which lost 0.17% to BGN 1.206 with 31k shares traded. The equally weighted BGTR30 also survived, fixing 194.37 (+1.81%), despite the significant drops from Holding Roads (6H2, BGN 1.964, -8.18%) and Albena (6AB, BGN 15.402, -8.76%). The total turnover came just above BGN 2m, 59% out of which belonged to the bond segment.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 268.54 | 86.96 | 40.30 | 194.37 |
| 1-day change (%) | 1.21 | 1.55 | -1.27 | 1.81 |
| 7-day change (%) | 2.49 | 0.42 | -0.32 | 0.67 |
| 90-day change (%) | -27.29 | -19.69 | -14.20 | -30.36 |
| 365-day change (%) | -80.62 | -77.75 | -59.78 | -77.93 |
| BSE Daily Volume (shares) | 211 737 |
| BSE Daily Volume (BGN) | 2 086 468 |
| Avg Daily Turnover YTD (BGN) | 3 164 569 |
| Avg Daily Turnover 12 mo. (BGN) | 8 550 393 |
Most recent macro data
| Inflation (HICP, M/M Jan) | 0.5% |
| Inflation (HICP, cum. 2009) | 0.5% |
| LEONIA Reference Rate | 3.99% |
| SOFIBOR /3 months/ | 6.794% |
| GDP Growth (Y/Y 2008 prelim) | 6.0% |
| Unemployment (prelim Feb 2009) | 6.7% |
exchange rates
| Current | Change | |
| BGN/USD | 1.55781 | 0 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.2555 | 0 |
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
Unemployment rate at preliminary 6.7% in February
Bulgaria's preliminary unemployment rate was 6.7% in February, up from 6.5% in January and down from 7.3% a year earlier, the labour ministry said on Thursday.
Source: SeeNews
Macroeconomic news and statistics
BNB forecasts end-year inflation of 2.5%
Bulgarian National Bank sees inflation of 2.5% for Bulgaria at the end of 2009. Its real GDP growth forecast for this year was revised to 2%.
Source: Dnevnik; FFBH
CORPORATE news
Sopharma AD [3JR]
Sopharma’s production sales up 9% YoY in February
Sopharma’s production sales were up 9% YoY in February, with local sales rising by 38% YoY and exports increasing by 1% YoY. The company’s production sales for the first two months of the year grew by 7% YoY, with local and export sales rising by 25% YoY and 1% YoY, respectively.
Source: Investor.bg; FFBH
Monbat AD [5MB]
Monbat expects a 54% drop in its Q1 unconsolidated revenues
Monbat expects unconsolidated revenues of BGN 25.5m, down 54% YoY, and earnings before taxes of BGN 3.6m, down 64% YoY, for the first quarter of 2009.
The company’s unconsolidated revenues declined by 50% YoY to BGN 9.7m for January alone. Its profit before taxes for the month was down 71% YoY to BGN 1.1m.
Source: Investor.bg; FFBH
Corporate Commercial Bank AD [6C9]
BNB approved the 30% acquisition of Corporate Commercial Bank
The acquisition of the 30% stake in Corporate Commercial Bank by an Omani sovereign fund was approved by the Bulgarian National Bank. Details on price were not disclosed yet again.
Source: CORP; FFBH
Enemona AD-Kozloduy [E4A]
Nikopol paper mill to resume operations
The paper mill near Nikopol, a potential consumer of the steam produced by the TPP Nikopol projected by Enemona, will resume its operations after a halt for a year and a half, the comapany’s CEO announced. Last week Bulgaria-registered company JFF purchased the plant from Austrian Mayr-Melnhof after a year of negotiations without disclosing financial details.
The new owner is looking to appoint a consultant to help it draw up the paperwork for an Environmental Impact Assessment (EIA) needed to obtain an integrated pollution prevention and control permit from the Environment Ministry. Sources close to the matter said the shutdown of the plant was due to the lack of permit, although the Austrian company cited restructuring of operations. JFF plans to invest EUR 4m into the purchase of equipment. The factory would have a daily production capacity of 150 000 tons of paper, of which 20-25% are planned to be sold on the domestic market and the rest shipped to Western Europe, Romania, Russia and Ukraine. The plant would run on gas and it is looking for partners for a gasification project but would also agree to a public-private partnership.
Source: Dnevnik
M+S Hydraulic AD [5MH]
M+S Hydraulic plans operations and workforce cut
Bulgarian hydraulic equipment manufacturer M+S Hydraulic plans to reduce its operations, starting from March 9, on a decline in orders since December 2008. A 20% workforce cut is also projected.
Source: Dnevnik; FFBH
Bulgarian Stock exchange
A change in the calculation basis of BG40, the calculation basis of SOFIX and BGREIT remained unchanged
Considering the current capital market situation and the significant drop in investors’ activity, the Bulgarian Stock exchange management decided on keeping the basis of calculation of the indices SOFIX and BGREIT unchanged until their next revision in September 2009. As per the BSE regulations, the calculation basis of these indices should be revised twice a year.
However, there would be a change in the companies included in the calculation of BG40 (the most liquid 40 public companies for the last 6 month), starting from March 23, 2009. Albena, Etropal, Devin, Bulgarian Real Estate Fund and Benchmark Fund Estates would replace Polimeri, TK-Hold, Bulgarian Holding company, Favourit Hold and Aroma in the
The calculation basis of BGTR30 is revised once a year in September.
Source: Dnevnik; FFBH
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