Headlines
- Land Portfolio of Advance Terrafund at BGN 106 mln
- Druzhba Razgrad Cuts Staff on Global Crisis
- Bulgartabac Holding Raises Subsidiary’s Capital
- The Government: Unemployment Up to 7% in 2009
- Bulgargaz Seeks 25.88% Higher Price of Natural Gas
- 9M FDI Down 22.4%
| Value | Daily Chng | YTD Chng | |
| SOFIX | 361.41 | -7.68% | -79.56% |
| BG 40 | 108.09 | -7.94% | -79.14% |
| BG REIT | 50.64 | -3.45% | -50.95% |
| BGTR 30 | 281.32 | -6.77% | -74.37% |
| Shares Turnover (BGN thnds) | 27 795.98 |
| Bonds Turnover (BGN thnds) | 6 855.15 |
| market Capitalisation (BGN mln) | 11 876.97 |
| market Capitalisation/GDP | 19% |
| Top Gainers | Ticker | Change |
| Web Media Group | 45W | + 13.70% |
| Sopharma Trading | SO5 | + 9.43% |
| Lomsko Pivo AD | 6L1 | + 8.75% |
| Top Losers | Ticker | Change |
| Central Cooperative Bank | 4CF | -25.44% |
| Orgachim AD | 5ORG | -19.52% |
| Zarneni Hrani AD | T43 | -15.95% |
* Gainers: Among shares with turnover above BGN thnd 10;
Losers: Among shares with turnover above BGN thnd 4;
Trends
SOFIX (chart)
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 4.86 | 361.41 | -7.68% | -79.56% | 1 950 |
Overview
Stocks Decline in another Session of Severe Losses
Bulgarian stocks declined on Monday in another session of severe losses. The SOFIX index dropped by 7.68% to 361.41 after falling by 16.32% in the previous week and the BG40 slumped a further 7.94% after depreciating by 17.76% in the previous five sessions.
A deal in Petrol AD [5PET; -0.27%] boosted today's volume of trading in shares to BGN 27.8 mln from BGN 1.5 mln on Friday. The stock ended 0.27% higher at BGN 9.1 as a deal in about 2.7 million of its shares, or 2.47% of the share capital, changed hands at BGN 9.1. The share was one of a total of 20 gainers out of 111 companies that were traded on Monday.
Central Cooperative Bank [4CF; -25.44%], the second most liquid on Monday, slumped by 25.44% to BGN 0.8 in a volume of BGN 967,566. Also on the losing side were Orgachim AD [5ORG; -19.52%] and Holding Roads AD [6H2; -13.73%]. Orgachim, which is expected to suffer from the slowdown in the construction sector, lost 19.52% to BGN 65 and Holding Roads, which has been going down since the news shares from its capital increase started trading, slid 13.73% to BGN 2.89.
Among the few gainers was Lead and Zinc Complex [5OTZ; +9.45%], which closed at BGN 7.99, up by 9.45% in a volume of BGN 7,638.
Corporate news
Land Portfolio of Advance Terrafund Up by 66%
The total value of the land in the portfolio of Advance Terrafund [6A6] reached BGN 106 mln at the end of October, vs. BGN 64 mln a year earlier and BGN 105 mln at the end of September, 2008, the last bulletin of the REIT showed. Advance TerraFund owns 25 990 ha of agricultural land and 13.8 ha of urban land as of the end of October. The average acquisition price for farmland was 3 500 BGN/ha (1790 EUR/ha) in October, and the average acquisition price since the launch date was 2 350 BGN/ha (1 202 EUR/ha). Advance TerraFund REIT has signed rental contracts for 13 300 ha of land for the new agricultural year. The company reported BGN 1.256 mln revenues from rentals for the 2007-2008 agricultural year.
Druzhba Razgrad Cuts Staff on Global Crisis
Bulgaria's sole pistons factory Druzhba Razgrad [4DU] plans to lay off some of its employees in order to resist the global financial crisis, the company's CEO Ivan Bolyarov said. The company’s revenues have dropped by between 20% and 30% during the last two months, Bolyarov added. The company’s main shareholder is Favorit Hold AD [6A9] , which is listed on the BSE.
Bulgartabac Holding Raises Subsidiary’s Capital
Shareholders of Bulgartabac Trading, a subsidiary of Bulgartabac Holding [57B], decided on a capital hike from BGN 2.3 mln currently to BGN 4mln, announced the BSE. The company will issue 1.8 mln new shares with par and subscription price of BGN 1 each. All of the shares issued will be subscribed by the mother company Bulgartabac Holding.
Economy and Politics
The Government: Unemployment Up to 7% in 2009
Unemployment in 2009 will be higher than the current 5.4% due to the global economic turmoil but is not likely to surpass 7%, the minister of labour and social policy Emilia Maslarova said on Monday. Emilia Maslarova commented that part of the Bulgarians who have worked in Spain and Greece will probably come back to Bulgaria but it should not boost the unemployment rate since there is still labor force deficit in the field of construction, services and machine engineering. Maslarova added that the government will have a package of measures for the labor market. Meanwhile, the CEO of the Bulgarian Chamber of Commerce Bojidar Danev said that some 50 000 workers will be laid off within the following several months due to the shrinking demand and tightening credit market.
Bulgargaz Seeks 25.88% Higher Price of Natural Gas
Bulgargaz intends to seek a 25.88% rise in the price of natural gas to BGN 678.04 (USD 434 / EUR 344) per 1 000 cubic metres from the beginning of January 2009, the company revealed on Monday. The hike would reflect the fact that the price that the state regulatory commission approved was 12.62% lower than the price sought by Bulgargaz for the last quarter of this year and the weakening of the Bulgarian lev to the US dollar, the company added. The regulatory commission raised gas prices by 23.89% to BGN 538.66 per 1,000 cubic metres at the beginning of October.
9M FDI Down 22.4%
Foreign direct investments (FDI) in Bulgaria decreased by 22.4% to EUR 3659.8 mln (10.8% of GDP) for the first nine months of the year, vs. EUR 4715.2 (16.3% of GDP) for the same period in 2007, Bulgarian National Bank data showed. FDI covered 68% of the current account deficit as compared to 120.9% a year earlier. At the same time Bulgarian direct investment abroad jumped to EUR 414.5 mln from EUR 140.1 mln for the same period in 2007.
Upcoming Events
Holding Varna [5V2]
19.11.2008 - Auction for the unexercised rights in the capital increase of the company
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 2008.11.17.pdf, 55 Kb
