Headlines
- Sofia BT's 2008 Net Income Slumps 63% Y/Y
- Bulgaria and Smart Group Discuss Kremikovtzi's Future
- Dec Jobless Rate Rises M/M to 6.31%, Falls Y/Y
- Bulgaria to Demand Tranportation Corridor for Local Truckers
- Many SMEs May Go Bankrupt, BIA's Danev Says
Overview
SOFIX Swept Off 300
Bulgarian stock market suffered another day full of losses. The benchmark index SOFIX broke through the key level of 300 and continued to roll down. The index lost 3.07% in a turnover of BGN 2.8 mln and closed at 297.98, its lowest level since July 2003. Meanwhile, BG40 slumped by 1.27% with 27 out of its 40 constituents losing ground, BGTR30 slipped by 2.72% and BGREIT fell 0.11%.
Turnover in shares totaled BGN 3.5 mln, with Industrial Holding Bulgaria [4ID; +0.08%] being the most liquid company as more than one million of its shares were exchanged in a turnover of BGN 1.47 mln. CB Corporate Commercial Bank [6C9; 0.00%] and CBA Asset management AD [C81; -43.59], today’s top loser, also saw heavy trading. More than 13 th shares of the bank were traded in a turnover of BGN 860 th. Meanwhile, shares of CBA Asset management plunged by 43.6% to BGN 1.1 as 546 448 of them (2.7% of shareholders’ equity), worth BGN 601 th, were exchanged.
Gainers were rare and were traded in extremely low volumes. Blue-chip M+S Hydraulic AD-Kazanlak [5MH; +9.44] pared last week’s losses and gained 9.44% in a turnover of BGN 3.2 th. Bulgarian Real Estate Fund REIT [5BU; +3.85%] also gained ground climbing by 3.85% in a turnover of BGN 8.3 th, while Billboard [5BP; +1.96%] ticked almost 2% higher in a turnover of BGN 4 mln.
| Value | Daily Chng | YTD Chng | |
| SOFIX | 297.98 | -3.07% | -16.92% |
| BG 40 | 94.70 | -1.27% | -12.16% |
| BG REIT | 44.23 | -0.11% | -8.86% |
| BGTR 30 | 221.09 | -2.72% | -18.96% |
| Shares Turnover (BGN th) | 3 543.55 |
| Bonds Turnover (BGN thnds) | 17.80 |
| OTC market Turnover (BGN th) | 554.09 |
| Total Daily Turnover (BNG th) | 4 178.65 |
| market Capitalisation (BGN mln) | 10 536.01 |
| market Capitalisation/GDP | 16% |
| Top Gainers | Ticker | Change |
| Industrial Holding Bulgaria AD | 4ID | + 0.08% |
| Euroins Insurance AD | 5IC | + 0.00% |
| CB Corporate Commercial Bank | 6C9 | + 0.00% |
| Top Losers | Ticker | Change |
| CBA Asset management AD | C81 | -43.59% |
| Holding Varna AD | 5V2 | -21.57% |
| Zaharni Zavodi AD | 3Z9 | -18.92% |
* Gainers are among shares with turnover above BGN 10 th and losers are among shares with turnover above BGN 4 th;
Trends
SOFIX (chart)
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 4.23 | 297.98 | -3.07% | -16.92% | 2 800 |
Corporate news
Sofia BT's 2008 Net Income Slumps 63% Y/Y
Sofia BT [3JU] on Monday said its 2008 net profit slumped by 63.3% to BGN 425 th on a sales revenue of BGN 82.8 mln, down by 6.6% y-o-y. The decline in sales was expected, Sofia BT said in its financial report, quoting a 30% hike of the excise duty on cigarettes in 2008. The company sold 5.315 billion cigarettes last year.
Bulgaria and Smart Group Discuss Kremikovtzi's Future
Bulgaria’s government and Ukrainian Smart Group have reached a preliminary agreement on the responsibilities of Smart Group in case it gets control over Kremikovtzi [4KW], media quoted the country’s Deputy Economy Minister Nina Radeva as saying. However, no particular details were announced. Radeva also said that until the company’s bondholders approve what has been agreed between the state and Smart Group, the Ukrainian company will most probably enter a tolling deal with Kremikovtzi. Smart Group competes with Brazil’s CSN for the steel mill, which was declared insolvent last year. Kremikovtzi issued a EUR 325 mln bond in 2006.
Economy and Politics
Dec Jobless Rate Rises M/M to 6.31%, Falls Y/Y
Bulgaria’s December jobless rate rose to 6.31% from 5.85% in November, official data indicated on Monday. The rise was prompted by the worsening Business environment and mainly by falling demand, as well as by the continuing registration of seasonal workers, the National Employment Agency said. The level of unemployment fell compared to December 2007, when the jobless rate was 6.91%.
Bulgaria to Demand Tranportation Corridor for Local Truckers
Bulgaria will demand in a letter to the European Commission that the Greek government secures a transportation corridor for Bulgarian truckers, who are being stopped at the Bulgarian-Greek border by Greek farmers protesting nearby, media reported on Monday. Bulgarian transportation companies estimate losses from the halt of operations at some EUR 20 mln until the week’s end unless their access to Greece is freed. They have been blocked at the border for a few days now.
Many SMEs May Go Bankrupt, BIA's Danev Says
The level of indebtedness of Bulgarian companies is increasing fast and in the current situation of tightening credit conditions and an expected slump in economy a large number of small and medium enterprises are likely go bankrupt in the near time, the head of the Bulgarian Industrial Association, Bozhidar Danev, was quoted as saying on Monday. Debt of non-financial companies in 2007 rose by 44% y-o-y to BGN 116 bn and if the pace has been kept, it should have reached BGN BGN 165 bn, Danev said. He added that effects of the global economic crisis are year to be felt in full force in April and May of this
Upcoming Events
Enemona [E4A]
10.03.2009: Shareholders in Enemona [E4A] to vote on a proposed sale of assets and receivables worth some BGN 7.0 mln to a subsidiary. The meeting is scheduled to take place at 10:00 local time in the town of Kozloduy.
BG40 Stocks (table)
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/Karoll/Newsletter_Daily_2009.01.26.pdf
*****
Copyright: 2006 Karoll AD. All rights reserved. For further Information please contact Karoll, 57 Hristo Botev Str, 1303 Sofia, Bulgaria |Tel. +359 2 981 13 81, fax: +359 2 986 34 66, e-mail: research@karoll.net, web site: http://www.karoll.net
*****
AII Data Processing does not endorse in any way, the views, opinions or recommendations expressed above. The use of the Information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on Information contained herein.
 | SeeNews SeeNews is a business and financial news and information provider which brings its visitors and customers access to detailed coverage on the fast-growing companies, economies and markets of ten Southeast European nations. |
Search for: news |
Search for: deal |
Search for: market |
Search for: assets |
Search for: bond |
Search for: management |
Search for: index |
Search for: report |
Search for: chart |
Search for: credit |
Search for: sales |
Search for: Bulgaria |
 | Research & Profiles SeeNews – Research & Profiles enables an access to over 4,000 comprehensive company and industry profiles and researches from 10 Southeast European countries. |
 | Business SEE TOP 100 - the ranking of the largest companies in Southeast Europe (SEE). SEE TOP 100 is the only ranking of the biggest companies and banks in SEE and a comprehensive, in-depth guide to the economies of the emerging markets of SEE. |
Terms & ConditionsPrivacyCopyrightPublished by All Data Processing. All rights reserved. Created by Ladger.
Newsletter Daily 2009.01.26.pdf, 283 Kb
