OVERVIEW
MAKROECONOMICS
Industrial production volume index - industrial production accelerated, after only 0,2% increase in March, in April 6,9% recorded
SHARES TRADING
market comment - CROBEX dropped 4.6%; weekly regular turnover totaled to HRK 294,4 million
BONDS TRADING
market comment – CROBIS recorded aweekly drop of 0.05% on total turnover of only HRK 76,9 million
CBS RELEASES OVERVIEW
- May 30th: Tourism, April 2008
- May30th: Foreign Trade in Goods of the Republic of Croatia, April 2008
- May 30th: Persons in Paid Employment, by Activities, April 2008
- June 5th: Retail Trade, April 2008
- June 6th: Producers’ Price indices of Industrial Products, April 2008
- Ownership changes in Belisce to continue
- Crude oil price broke through $ 135 a barrel; new gas price raise is expected in the beginning of the week
INDUSTRIAL PRODUCTION VOLUME index
After minimal 0,2% rise in industrial production during March, the trend started to accelerate in April. The annual growth rate was 6,9%.
Cumulatively, in the first four months of 2008 industrial production rose 5,3%, while it is 4,7% higher if compared to the average production in 2007.
According to Main industrial groupings agregation, non durable consumer products recorded the highest increase of 13,7%yoy and are followed by 6% increase in Capital goods, by 3,7% increase in Intermediate goods while energy sector rose only 1,6%. Durable consumer products category was the only that recorded a decline, of 4,5%.
Growth of industrial production volume is a result of 7,4% yoy increase recorded in manufacturing industry. Electricity, gas and water supply volume rose 7,3%. Mining negatively contributed to industrial production growth due to 6,3% yoy decrease recorded in Extraction of crude petroleum and natural gas.
Manufacturing industry recorded an increase since 17 out of 23 categories recorded an increase in production volume, if compared to April 2007.
Food and beverages manufacturing increased by 6,1%, Fabricated metal products production except for machinery and equipment rose 27,1% and Manufacture of Tobacco products by 24,1%. At the same time, the highest decrease in production is recorded in categories of Manufacture of office machinery and computers , by 55,6%, Manufacture of coke, refined petroleum products and nuclear fuel, by 36,8% and Manufacture of radio, television and communication equipment and apparatus by 15,9%.
INDUSTRIAL PRODUCTION VOLUME index (table)
MOVEMENTS OF INDUSTRIAL PRODUCTION (chart)
market COMMENT
During the past week,domestic capital market experienced extensive profit taking which resulted in CROBEX’s decline of 4,6%. The total stock turnover amounted to HRK 294,4 million. The most liquid issues were: Ina with HRK 43 million in stock turnover and Atlantska plovidba and Belišće with HRK 35 and 31,7 million, respectively. Regional indices showed mixed performance: composite index of Hungarian, Czech and Polish market declined by 3,4% and Macedonian MBI-10 by 0,5% while Sarajevo’s SASX-10 and Belgrade’s BELEX15 rose 1,8% and 1,3%, respectively.
Adris group - preferred issue of tobacco and tourism company (ADRS-P-A) lost 0,5% on a weekly basis even though the company announced that they might acquire new companies in fish production field. Earlier this year, Adria Resorts, a subsidiary of Adris Group, acquired two companies involved in fish production business, Cenmar and Marimirna. Combined revenue of both companies is some HRK 80 million, while production reaches 1.300 tons of white fish, mainly sea bass and gold fish. Furthermore, Cenmar also produces around 15 million of juvenile fish species representing 90% of domestic production. With new acquisitions, Adris would increase production to some 5.000 tons of fish annually.
Dalekovod - heavy constructor and power trunk producer (DLKV-R-A) increased its pipeline by additional HRK 420 million after the company announced it signed a deal with Croatian Motorways (HAC) to equip Osijek – Djakovo highway route with technical/ electrical equipment. Dalekovod's pipeline now amounts to some HRK 5 bn giving MkCap to pipeline ratio of 0,51.
INA - oil and gas company Ina (INA-R-A) lost 0,5% despite the fact that company initiated reconstruction of one of its refinery after it signed two contracts related to reconstruction and modernization of Sisak based refinery. Works should be completed in 2 year.
Podravka - Koprivnicabased food producer (PODR-R-A) dropped 5,3% on a weekly basis after the newspapers started to speculate about possible removal of company's CEO.
Arenaturist - price of hotel company (ARNT-R-A) declined 31,4% as the deadline for participation in announced capital decrease expired last week. On May 30th, the company will hold General Assembly with proposal on capital decrease by HRK 280 per share which will be paid out to shareholders. ARNT share ended a week at HRK 240.
Institiut građevinarstva Hrvatske - construction consultancy company Institut građevinarstva Hrvatske (IGHR- A) proposed a HRK 75 dividend representing 0,7% dividend yield on last closing price of HRK 11.272.
Ericsson Nikola Tesla - telecom solutions provider (ERNTR- A) announced it had signed HRK 55 million worth contracts with largest Bosnia and Herzegovina integrated telecom, BH Telecom. The contract involves upgrading of current GSM network. Despite this news, ERNT share dropped 3,7% on a weekly basis.
Shipping - even though the Baltic Dry index soared to 11.465 pts, domestic shipping companies were significantly impacted by profit taking with Dubrovnik based Atlantska plovidba (ATPL-R-A) and Split based Jadroplov (JDPL-R-A) plunging 7,5% and 5,9%, respectively, while Pula based Uljanik plovidba (ULPL-R-A) lost 3,9%.
Belisce - largest domestic paper producer (BLSC-R-A) was traded intensely, last week. Its price rose 2,9% on a weekly level. Austrian Duropack AG acquired some 20% of the company at the end of April, while another 3% was traded last week.
CROBEX index - Zagreb Stock exchange -4,6%
change in 2008. -25,2%
WEEKLY PERFORMANCE (chart)
Last week’s 4,6% loss erased 4,8% gain realized in week before
Weekly drop of world’s indices:
- Dow Jones 3.9%
- S&P 3.5%
- Nasdaq 3.8%
- FTSE 3.4%
- DAX 1.7%
- Nikkei 1.9%
market MULTIPLES -SHARES (table)
FUNDAMENTALS - BONDS (Government bonds, Municipal bonds, Corporate bonds, Government eurobonds) (tables)
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FIMA weekly report 2008 21.pdf, 261 Kb
