Headlines
- Neochim To Resume Production Following Maintenance Later than Planned
- Bulgaria's 9-mo C/A Gap Widens to 15.8% of GDP
- Bulgaria’s Q3 GDP Growth Slows to 5.6% from 7.1% in Q2 - Flash Estimate
- Bulgaria’s N-plant Repays Early USD 52.5 mln Loan to Russia's Roseximbank
- Bulgarian Govt Approves BGN 207 mln Subsidies to Farmers
| Value | Daily Chng | YTD Chng | |
| SOFIX | 391.47 | -3.87% | -77.86% |
| BG 40 | 117.41 | -0.31% | -77.34% |
| BG REIT | 52.45 | 0.40% | -49.20% |
| BGTR 30 | 301.76 | -3.96% | -72.50% |
| Shares Turnover (BGN thnds) | 1 474.28 |
| Bonds Turnover (BGN thnds) | 41.61 |
| market Capitalisation (BGN mln) | 12 155.34 |
| market Capitalisation/GDP | 19% |
| Top Gainers | Ticker | Change |
| Energoremont Holding AD | 6EG | + 38.06% |
| CBA Asset management AD | C81 | + 26.05% |
| SS Konstantine&Elena Hold. | 3NJ | + 7.19% |
| Top Losers | Ticker | Change |
| Neochim AD | 3NB | -21.11% |
| Albena AD | 6AN | -19.43% |
| Lead & Zinc Complex AD | 5OTZ | -17.79% |
* 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) |
| 5.23 | 391.47 | -3.87% | -77.86% | 1 027 |
Trends
SOFIX (chart)
Overview
Bulgarian Stocks Stray from the Global Rally
In a zig-zag session, in which the blue-chip index SOFIX climbed 2% in the morning, all Bulgarian indices but BGREIT closed lower, unlike most of the regional and global markets which were in a sharp rally late on Thursday and on Friday. The tiny gains from the early trading were brutally erased around midday and SOFIX dipped under 400 to finish down 3.87%, at 391.47, its lowest level since late September, 2003. The broader BG40 and BGTR30 also lost ground and tumbled by 0.31% and 3.96% respectively, with some of the conglomerates and industrial companies being the top fallers. Only the real estate BGREIT ticked hire to close up 0.40%.
Fertilizer producer Neochim [3NB; -21.11%] and holiday resort Albena [6AB; - 19.43%] were among the top losers of the day after yesterday’s announcements inferring a further worsening of the performance due to the global economic turmoil. Companies from the metal-working sector also posted thick losses in thin volumes, with shares of Lead & Zinc Complex [5OTZ] continuing to spiral lower to BGN 7.30 per share and Alcomet depreciating by 20% to BGN 2.40 per share. On the other hand, Bulgarian River Shipping AD [5BR; +45.33%], Energoremont Holding AD [6EG; +38.06%], CBA Asset management AD [C81; +26.05%] and Sviloza [3MZ; +23.33%] posted significant gains.
In general, turnover remained low, totaling BGN 2.67 mln, and the number of BUY orders was a few times smaller that that of the SELL ones.
Corporate news
Neochim To Resume Production Following Maintenance Later than Planned
Neochim AD [3NB] will resume production following a shutdown for annual maintenance in August later than initially planned due to the global financial crisis, the company said on Thursday. Neochim previously planned to resume production in November. "The repairs took longer [than expected]. The deadlines were approximate," the company's investor relations director Alexander Ganev told SeeNews. He declined to comment on local media reports that the company would halt production because the global finacial crisis has adversely affected its key markets.
Economy and Politics
Bulgaria's 9-mo C/A Gap Widens to 15.8%/GDP
Bulgaria’s current account gap through September swelled to 15.8% of the country's GDP projected for 2008 from 13.5% of GDP for the same period in 2007, according to data from the central bank. The current account deficit rose to EUR 5.38 bn from EUR 3.9 bn a year earlier, mainly because of a widening trade deficit. The country’s trade deficit for the first nine months reached EUR 6.45 bn, or 19% of GDP, versus a deficit of EUR 4.98 bn, or 17.2% of GDP a year earlier.
Bulgaria’s Q3 GDP Growth Slows to 5.6% from 7.1% in Q2 - Flash Estimate
Bulgaria’s Q3 GDP growth slowed to a preliminary 5.6% from 7.1% in the second quarter, according to a flash estimate of the National Statistics Institute. Growth recorded in the third quarter was stronger than in Q3’07, when the economy expanded by 4.9%. The rise in GDP in Q3’08 was due mainly to the 37.8% increase in value added in the agriculture sector, NSI said.
Bulgaria’s N-plant Repays Early USD 52.5 mln Loan to Russia's Roseximbank
Bulgaria’s Kozloduy nuclear power plant has repaid early a USD 52.5 mln loan to Russia's Roseximbank, the plant said on Friday. Kozloduy repaid the remaining USD 42.7 mln in principal and USD 1.6 mln in interest on a loan due by 2021 in late October in order to avoid currency risk to its balance of payments. Kozloduy’s revenue is denominated in BGN and EUR, while payments on the loan are denominated in USD. The plant said it saved BGN 7.7 mln through the early repayment of the loan, which was taken out for the upgrade of its two 1,000 megawatts (MW) units.
Bulgarian Govt Approves BGN 207 mln Subsidies to Farmers
Bulgaria’s government has approved the allocation of BGN 207 mln to local farmers to be paid by the state agriculture fund. Grain farmers will receive BGN 147 mln and milk farmers will get BGN 60 mln in subsidies. The agriculture ministry had asked for subsidies in the amount of BGN 378 mln.
Upcoming Events
Holding Roads [6H2]
19.12.2008 - Holding Roads [6H2] to hold a shareholders' meeting to vote on management bonuses and choose an audit committee. The meeting is scheduled to start at 11:00 a.m. local time.
BG40 Stocks (table)
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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
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Newsletter Daily 2008.11.14.pdf, 54 Kb
