market WRAP-UP
On Friday despite the negative move of REIT companies all the rest indices finished the day positive: SOFIX 618.46 (+1.76%), BG40 166.52 (+2.97) and BGTR30 429.06 (+2.34%), while BGREIT lost 3.10% to 62.6. The day gainer was Industrial Holding Bulgaria AD (4ID, BGN 4.50, +5.88%), followed by Sopharma (3JR, BGN 2.29, +5.74%) and First Investment Bank (5F4, BGN 3.88, +5.09%). Among the top losers of the session were Central Cooperative Bank (4CF, BGN 2.08, -7.96%) and Polimeri (51P, BGN 2.20, -2.22%). Major move came from Bulgarian American credit Bank (5BN, BGN 23.00, 0.00%) where more than 214k shares change hands. On REIT territory the main issue to pull down the index was Agro Finance (6AG, BGN 0.9, -28.00%) where more than 400k shares changed hands.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 618.46 | 166.52 | 62.60 | 429.06 |
| 1-day change (%) | 1.76 | 2.97 | -3.10 | 2.34 |
| 7-day change (%) | 5.65 | 9.40 | -0.38 | 6.22 |
| 90-day change (%) | -39.43 | -36.25 | -30.91 | -37.06 |
| 365-day change (%) | -67.39 | -71.38 | -37.40 | -57.09 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 1 989 490 |
| BSE Daily Volume (BGN) | 8 635 587 |
| Avg Daily Turnover YTD (BGN) | 10 987 086 |
| Avg Daily Turnover 12 mo. (BGN) | 17 970 515 |
Most recent macro data
| Inflation (HICP, M/M September) | 0.9% |
| Inflation (HICP, cum. 2008) | 8.0% |
| LEONIA Reference Rate | 6.37% |
| SOFIBOR /3 months/ | 7.826% |
| GDP Growth (Y/Y H1 2008) | 7.1% |
| Unemployment (September 2008) | 5.8% |
exchange rates
| Current | Change | |
| BGN/USD | 1.45914 | 0.01113 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.3404 | -0.0103 |
Sofix/ BG 40 / BGREIT / BGTR30 (charts)
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITIC
Energy sector
Bulgaria to have 170 MW of wind power generators by end-2008
By end-2008 the capacity of the installed wind power generators in Bulgaria is expected to reach 170 MW. The news was announced by the Chair of the Association of Producers of Ecological Energy Velizar Kiryakov as cited by the Pari Daily. The current wind power generating capacity in Bulgaria stands at 110 MW but Kiryakov predicted that by the end of 2010 it would reach between 400 MW and 500 MW.
The photovoltaic energy generators are expected to have a power-generating capacity of 5-6 MW by that time.
Meanwhile, the National Electric company NEK announced that new investments of about BGN 300m would needed to include the wind and solar power producers into the country's electricity distribution network.
Source: Novinite.com
Energy sector
Burgas-Alexandroupolis start put off until Oct’09
The construction of the Burgas-Alexandroupolis pipeline, which will carry Russian oil to Greece, should begin behind schedule in October 2009 and finish by 2011, Bulgarian construction minister Asen Gagauzov told Reuters agency.
Construction works were due to start in end-2008 or early-2009 but were stalled by the selection of a financing bank, feasibility studies and other details, according to the minister. On Friday the supervisory board of the International Project company picked French bank Societe Generale as financial advisor of the project over Lazard and Citigroup.
Source: Dnevnik
Infrastructure
Bulgaria should invest BGN 6.5bn in state railways by 2013
Over BGN 6.5bn should be provided by the State budget until 2013 as financing and subsidies for the renovation and maintenance on the deteriorating Bulgarian State Railways (BDZ) and railways infrastructure, according to an expert report prepared by BDZ and Transport Ministry representatives and Members of the Parliament.
The report has been submitted to prime minister Sergei Stanishev and should be discussed by the ruling coalition’s council within a month.
Source: Novinite.com
CORPORATE news
Evrohold Bulgaria AD [4EH]
Eurohold increases the capital of EuroIns Insurance Group
On Friday Eurohold Bulgaria announced that it has increased the registered capital of EuroIns Insurance Group, the subholding active on the insurance market, from BGN 239m to BGN 268m through the subscription of 28 799 991 new shares with an issue price and par value of BGN 1. The funding for the increase was secured from Accession Mezzanine Capital II in the form of a mezzanine loan. The loan has a 7-year tenor and the whole principal will be paid off at maturity. The funds will be used for the regional expansion of the subholding.
Source: Eurohold
Bulgarian American credit Bank [5BN]
Gramercy should vote against AIB-proposed changes in BACB supervisory board
Gramercy Emerging Markets Fund, the second largest shareholder in Bulgarian American credit Bank, will seek support today, October 20, from other small owners to block proposed changes to the bank’s supervisory board, said Jason Cook, Gramercy representative for Bulgaria.
BACB shareholders should vote on electing Gerald Byrne and John Power supervisory board members on the part of biggest shareholder Allied Irish Banks, which holds 49.99% of the bank. The admitting the two AIB representatives into its supervisory board would give the Irish company control over all major decisions, said Gramercy, which has a 28% stake currently.
Source: Dnevnik
Media Systems AD [5MS]
Media Systems seeks new markets
Media Systems, Bulgarian CD manufacturer, expects drop of orders on its largest market in Great Britain and is seeking clients in less developed countries where the financial crisis is not felt yet, the executive director of the company said. Over 80% of the production is exported, two thirds for the English market. Production has grown by 15% in September.
Source: Pari
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