European equities showed increased volatility today, driven with negative impact from Greece debt crisis and positive influence from lower than estimated U.S. inflation rate. In February, Consumer Price index remain unchanged on monthly level while economists projected increase of 0.2% m/m. Annual CPI rose 2.1% y/y, below median of projections surveyed by Bloomberg (2.3% y/y). U.S. stock indices retreated after opening rise, on expectations that Federal Reserve will lift discount rate it charges on direct loans to banks for a 2nd time. Additional ballast came from released data on U.S. leading indicators index for February. The index of U.S. leading indicators rose 0.1% m/m in observed month, the smallest gain in almost a year, pointing to an economy that may expand at a slower pace in the second half of 2010.
Domestic equity benchmarks both declined today. CROBEX slipped 0.2% to 2,162.5 pts, while blue chip CROBEX10 closed at 1,161.5 pts, 0.3% down. Regular stock turnover amounted to HRK 22.8 m, indicating liquidity improvement. Despite today’s decline Relative Strength Index’s total to 54.5 and 59.1 pts respectively, ZSE’s stock indices are slightly nearer to overbought territory.
Profit taking on telecom operator T-HT (HTRA ZA) pushed this issue down by 0.9% on HRK 9.0 m in turnover.
Power trunk producer and montage company Dalekovod (DLKVRA ZA) continued with upward session, adding 0.7% and collecting HRK 2.5 m in turnover.
Dry bulk & product carrier Uljanik Plovidba (ULPLRA ZA) gained 3.3% on HRK 0.7 m in turnover, as investors awarded advance dividend payment in gross amount of HRK 20 per share and preliminary FY 2009 net income of HRK 54.6 m. Diluted earnings per share amounts to HRK 94.1. Ex-dividend day is March 29th and record date is March 31st.
Unlike ULPL share, other shipping stocks closed in red: dry bulk carriers Atlantska Plovidba (ATPLRA ZA) and Jadroplov (JDPLRA ZA) 0.3% and 1.0% respectively, while crude oil & dry bulk carrier Tankerska Plovidba remain unchanged.
Daily news headlines (more available on www.fima-securities.com):
- UK borrowing less than expected
- Last-ditch bid to end BA dispute
- Barnes & Noble promotes Web chief as new CEO
- Lending to Business drops sharply
- Little Change in U.S. Consumer Prices in February
- Irish Police Said to Arrest Former Head of Bank
The value of assets of 26 leasing companies in Croatia amounted to HRK 33.66bn at the end of 2009, which is 3.99 percent less compared with the end of 2008, and 3.13 percent less compared with the previous quarter, the Croatian Financial Services Supervisory Agency (HANFA) reports. Leasing company’s assets have been shrinking since the end of Q1 2009, when it reached the record-high HRK 35.58bn. Companies in operative leasing, at the end of 2009 companies had 81,886 active contracts worth HRK 17.03bn, mostly for passenger cars – 69,050 contracts worth HRK 9.52bn. Year-on-year, the total number of contracts was down 6.17 percent, while their value fell 6.02 percent. In financial leasing, there were 73,438 contracts worth HRK 24.45bn at the end of 2009. The number of contracts was up 0.5 percent y/y, while the value of financing rose 14.18 percent. (Source: www.limun.hr original text was published on www.banka.hr)
Zagreb Airport waiting green light for new passenger terminal
Zagreb Airport continues with the preparations for building the new passenger terminal, waiting for the Government’s green light for further activities, Airport director Tonci Peovic said on Thursday, in the Ministry of Maritime Affairs, Transport and Infrastructure.Peovic said this at a press conference called after the international conference on small and medium-sized airports, organized in Dubrovnik on March 15-17 by the Small and Medium-sized Airport Action Group (SMAG). Originally, the terminal was supposed to be built on the land owned by the Ministry of Defense, but it was decided to move the location to a partially privately-owned land, which complicated the project. Another problem is in the too high construction cost estimate, of nearly EUR 360m.Now the Airport reduced this to the more realistic EUR 180m, and the construction would be carried out in several stages. Peovic also mentioned a possibility of using the money from EU’s cohesion funds in 2012. (Source: www.limun.hr original text was published on Poslovni.hr)
EBRD considering a loan worth EUR 10m for EKOPLUS
The European Bank for Reconstruction and Development (EBRD) is considering crediting Rijeka-based municipal company EKOPLUS, which would use the money for building a biomechanical waste processing plant, the Bank posted on its website on Thursday.The waste treatment company is in the majority ownership of the City of Rijeka and Primorje-Gorski Kotar County. The plant would include production of biogas and biofuel that would be used for electricity generation. According to EBRD’s release, the project has passed several committees and the final decision is expected in May. (Source: www.limun.hr original text was published on www.banka.hr)
ZSE STOCK market (table)
CROBEX MOVERS (chart)
CROBEX 3 MONTH MOVEMENT (chart)
LIQUIDITY TOP 5 (table)
market SENTIMENT (table)
MACROECONOMIC PARAMETERS (table)
Croatia LT credit rating (table)
MIDPOINT exchange RATES OF THE CNB (chart)
STOCK / TIME FRAME / PRCE MULTIPLIES / DuPont analysis (table)
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