Headlines:
- Sopharma Gets Approval for Warsaw Listing
- Monbat Sees Q1'09 sales Down 50%
- M+S Hydraulic To Reduce Workforce by up to 20%
- Intersky Gets Green Light for Going Public
- EU Plans EUR 528 Mln in Advance Payments Bulgaria
Overview
market Ends Week in the Green, Lead and Zinc Shines
Prices were moving up during the session with the blue-chip index advancing by as more than 3% at a point and stocks ended the week mostly in the green. SOFIX rose for a sixth consecutive session, adding 2.46% to 275.14 and BG40 extended Thursday's gains by 2.25% to 88.92.
Lead and Zinc Complex [5OTZ; +20.57%] surged by nearly 21% to BGN 8.5, adding to large gains posted in the previous two sessions. The stock has appreciated by 42.3% since the end of February in moderate volumes. Also on the winning side were Chimimport [6C4; +1.99%], Central Cooperative Bank [4CF; +6.51%], Holding Roads [6H2; +5.75%] and Sopharma [3JR; +7.03%]. Sopharma, which on Thursday said its February sales advanced by 9% on the year, rose to BGN 1.98, Holding Roads last traded at BGN 2.08, Chimimport ended at BGN 1.23 and CCB closed at BGN 0.88.
Monbat [5MB; -2.78%] and M+S hydraulic [5MH; -11.31%] were under selling pressure. Both companies recently made announcements which make it clear that they will suffer a slowdown due to falling orders. Monbat said it expects its Q1'09 sales revenue to fall by more than 50% on the year and M+S Hydraulic announced a planned cut of up to 20% of its employees on expected drop in sales. Monbat last traded at BGN 3.5, down 2.78%, while M+S Hydraulic lost more than 11% to BGN 2.57.
| Value | Daily Chng | YTD Chng | |
| SOFIX | 275.14 | 2.46% | -23.29% |
| BG 40 | 88.92 | 2.25% | -17.52% |
| BG REIT | 39.85 | -1.12% | -17.89% |
| BGTR 30 | 199.61 | 2.70% | -26.83% |
| Shares Turnover (BGN th) | 597.5 |
| Bonds Turnover (BGN thnds) | 7.66 |
| OTC market Turnover (BGN th) | 625.00 |
| Total Daily Turnover (BNG th) | 1 305.09 |
| market Capitalisation (BGN mln) | 9 336.96 |
| market Capitalisation/GDP | 15% |
| Top Gainers | Ticker | Change |
| Lead & Zinc Complex | 5OTZ | + 20.57% |
| Neochim AD | 3NB | + 11.11% |
| Unipharm AD | 59X | + 10.48% |
| Top Losers | Ticker | Change |
| HD Dunav AD | 4D8 | -11.63% |
| Svilosa AD | 3MZ | -10.00% |
| Expat Beta REIT | E7P | -9.10% |
* Gainers are among shares with turnover above BGN 5 th and losers are among shares with turnover above BGN 2 th;
Trends
SOFIX (chart)
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 4.90 | 275.14 | 2.46% | -23.29% | 314 |
Corporate news
Sopharma Gets Approval for Warsaw Listing
Sopharma [3JR] has received approval from the country's Financial Supervision Commission (FSC) to list on the Warsaw Stock exchange, the FSC said on Friday. "We are doing everything we can to implement our plan for dual listing," SeeNews quoted Sopharma investor relations officer Pelagia Viacheva as saying. Viacheva provided no timeframe. The company has previously said it plans to have a free float of 25% of its existing shares, which is the minimum free float required by the Polish bourse. The listing was previously expected to take place in September 2008. The company on Thursday said its February sales rose by 9% y-o-y as sales on the domestic market were up by 38% and exports advanced by 1% but provided no figures.Monbat Sees Q1'09 sales Down 50%
Monbat [5MB] expects its Q1’09 unconsolidated sales revenue to drop by 54% y-o-y to BGN 25.5 mln and net income for this year’s first quarter is seen at BGN 3.55 mln, down from BGN 10.07 mln in the year-ago period, the company said in a filing on Thursday. Monbat revised its forecast based on January results, it said but provided no revised forecast for its 2009 full-year results. The company generated net sales revenue of BGN 9.7 mln in January, down by some 50% from the year-ago period. The drop was due both to weaker sales volumes and to lower lead prices.
M+S Hydraulic To Reduce Workforce by up to 20%
M+S Hydraulic [5MH] plans to reduce its workforce by up to 20% as its orders for the period between December 2008 and April 2009 have dropped by more than 25% compared to the previous six-month period, the company said in a filing on Thursday. The company’s trade manager, Vladimir Spasov, told Dnevnik daily the company will work at a reduced capacity effective March 9. He also said he expects orders to start picking up towards the end of April.
Intersky Gets Green Light for Going Public
Bulgaria’s Financial Supervision Commission on Friday approved the prospectus of local company Intersky, which owns a small airport close to Sofia, for admitting its stock to trading on the Sofia stock exchange. The company’s share capital of BGN 8.37 mln will be registered for trading. Shareholders in Albena AD [6AB] recently voted to buy the majority stake in Intersky for a total of BGN 22.6 mln.
Economy and Politics
EU Plans EUR 528 Mln in Advance Payments to Bulgaria
The European Commission will allocated EUR 528 mln in advance payment to Bulgaria under the European Union’s structural funds to stimulate the country’s economy, local media reported on Friday quoted European Commission President Jose Manuel Barroso as saying after a meeting with Bulgarian Prime Minister Sergei Stanishev in Brussels. The move is part of the measures that the EU is taking to restrict the impact of the economic crisis on its member countries. The EU will also review Bulgaria’s request to receive additional compensation for the closure of two of the units of its sole nuclear power plant as a precondition to join the bloc, Barroso said.
Upcoming Events
Enemona [E4A]
10. 03. 2009 Enemona [E4A] holds a shareholders' meeting scheduled to start at 10:00 local time.
BG40 Stocks (table)
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