Headlines
- Lukoil Likely to Put on Hold Local Plant Construction Project
- Lead and Zinc’s Major Shareholder Cuts Staff
- Bulgaria's 8m Trade Decifit at BGN 11.2 bn
- Bulgaria's New Bank Loans Slightly Down in Q3
- Yields on 10-year Bulgarian T-Notes Up to 7.19%
- Bulgaria Stays on Negative Watch, Coface Says
- Bulgaria to Receive EUR 107 Under OP "Fishery"
| Value | Daily Chng | YTD Chng | |
| SOFIX | 456.73 | -1.98% | -74.17% |
| BG 40 | 139.11 | -2.31% | -73.15% |
| BG REIT | 53.15 | 0.13% | -48.52% |
| BGTR 30 | 346.99 | -2.30% | -68.38% |
| Shares Turnover (BGN thnds) | 1 381.91 |
| Bonds Turnover (BGN thnds) | 755.80 |
| market Capitalisation (BGN mln) | 12 874.56 |
| market Capitalisation/GDP | 20% |
| Top Gainers | Ticker | Change |
| Industrial Holding Bulgaria | 4ID | + 2.65% |
| Central Cooperative Bank | 4CF | + 1.61% |
| Toplivo AD | 3TV | + 1.27% |
| Top Losers | Ticker | Change |
| Lead & Zinc Complex | 5OTZ | -17.31% |
| EMKA AD | 57E | -13.33% |
| FairPlay Properties REIT | 6F3 | -11.56% |
* Gainers: Among shares with turnover above BGN thnd 10;
Losers: Among shares with turnover above BGN thnd 4;
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 6.06 | 456.73 | -1.98% | -74.17% | 770 |
Overview
Losses Widen
Losses widened on the Sofia stock exchange on Tuesday as three of the indices lost about 2.0% each and only the BG REIT index edged 0.13% higher to finish at 53.15. The SOFIX index kept sliding and went back to April 2004 levels as it lost 1.98% to 456.73. Volumes remained relatively low - the total trading volume was BGN 3.3 mln.
Most of the liquid shares - Neochim AD [3NB; -7.94%], Sparky Eltos [SL9; -7.12%] and Sopharma [3JR; -1.71%] - were on the losing side. Neochim was down 7.94% to BGN 58.1 in a volume of BGN 107,834 and Sparky Eltos fell by 7.12% to BGN 3.65 in a volume of BGN 93,367. The drug maker closed at BGN 2.12 with shares worth BGN 89,219 changing hands.
Rises were more modest than losses and the biggest gainer among the most liquid shares - Industrial Holding Bulgaria [4ID; +2.65%] - added just 2.65% to BGN 2.67. Its stocks traded in a volume of BGN 16,897.
FairPlay Properties REIT [6F3; -11.56], which surged by 8.72% to BGN 0.85 in the previous session, today dropped by 11.56% to BGN 0.75, erasing Monday's gains.
Corporate news
Lukoil Likely to Put on Hold Local Plant Construction Project
Russian oil conglomerate Lukoil is to suspend the construction of a waste treatment plant at its Burgas-based refinery by one or two years, in case oil prices drop to USD 45 a barrel, the company’s CEO Vagit Alekperov said. He also stated that the company is likely to trim its 2009 planned investments. The oil giant’s 2009 investment program is worth some USD 9 bn, versus USD 11 bn in 2008. Lukoil said that over USD 1 bn is earmarked for the company's operations in Bulgaria.
Lead and Zinc’s Major Shareholder Cuts Staff
Bulgarian metals group Intertrust Holding plans to reduce its staff by 20% to defend its operations due to dwindling global metals prices and tighter credit markets, a senior company official said on Monday. Intertrust, which controls Bulgaria's second-largest zinc and lead producer Lead & Zinc Complex [5OTZ], will lay off for three months up to 700 people out of its 3 400-strong workforce. Some of the people could go back to work if the situation improved, said Roberto Mladenov, Intertrust Holding's chief executive. The group consolidates 21 companies, but the biggest cuts - up to 300 - will take place at the lead and zinc miner Gorubso Madan, where 130 people have already been laid off.
Economy and Politics
Bulgaria's 8m Trade Decifit at BGN 11.2 bn
Bulgaria's trade deficit stood at BGN 11.2 bn in the first eight months of 2008 on a preliminary basis. The country's exports totalled BGN 20.6 bn, while imports stood at BGN 31.9 bn. In August alone the country's trade gap totaled BGN 1.2 bn. Exports stood at BGN 2.5 bn, while imports amounted to BGN 3.8 billion.
Bulgaria's New Bank Loans Slightly Down in Q3
Bulgarian banks granted 9 259 new corporate loans in the third quarter of 2008, versus 9 724 in the previous quarter, the National Statistical Institute announced. Households received 103 332 loans, down from 121 208 in the previous quarter. Meanwhile, the number of mortgage-backed loans dropped by half in Q3, to 6 406, totaling BGN 620.0 mln, versus 12 165, totaling BGN 761.7 mln in Q2’2008.
Yields on 10-year Bulgarian T-Notes Up to 7.19%
Yields on 10-year fixed-rate Bulgarian Treasury notes with par value of BGN 35 mln rose to 7.19% in the last auction from 6.12% in the previous one, Bulgarian National Bank said. The issue, offered on Monday, was 12 times oversubscribed, with bids totalling BGN 85.6 mln in par value at an average price of 82.88% of par. The annual interest rate of the issue is 4.5%, with semiannual coupon payments and last payment due at the maturity date of January 16, 2018. The maximum offered yield on the Monday’s auction was 7.43%, equaling a price of BGN 81.51, and the minimum offered yield, corresponding to a price of BGN 83.57, was 7.07%.
Bulgaria Stays on Negative Watch, Coface Says
Bulgaria stays on Negative Watch on its increased external vulnerability and menace of increasing Business risk, the credit risk management company Coface announced on Tuesday. However, the rating of Bulgaria was not cut but frozen at A4 since the credit crunch had not deteriorated the real sector yet.
Bulgaria to Receive EUR 107 Under OP "Fishery"
The acceptance of documents under the operational program “Fishery” within which Bulgaria would receive nearly EUR 107 mln from the European Union started today. The aim of the program is to secure sustainable development of the fishery branch, to develop the fish products market and to improve the quality of life in the fishing regions.
Upcoming Events
Non-working Days for Christmas and New Year's Eve
Christmas holidays: December 24-28. December 31 and January 1, 2009, will also be non-working days. To compensate for it, the Government declared Saturday December 20, 2008, as a working day.
BG40 Stocks (table)
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Newsletter Daily 2008.11.11.pdf, 58 Kb
