Headlines
Orgachim's 9M Net Profit Slumps by 57.4% y/y
Intertrust Files Letter of Intent to Operate Kremikovtzi
Zarneni Hrani Bulgaria Opens Biofuel Plant
Sopharma's 10M sales Revenue Up 9%
LEONIA Rises to 5.58%
Govt Stops Funding for ISPA Projects
| Value | Daily Chng | YTD Chng | |
| SOFIX | 488.19 | 1.64% | -72.39% |
| BG 40 | 146.49 | 0.77% | -71.72% |
| BG REIT | 53.98 | -2.10% | -47.71% |
| BGTR 30 | 366.11 | 2.29% | -66.64% |
| Shares Turnover (BGN thnds) | 2 908.55 |
| Bonds Turnover (BGN thnds) | 490.38 |
| market Capitalisation (BGN mln) | 13 574.20 |
| market Capitalisation/GDP | 21% |
| Top Gainers | Ticker | Change |
| Lead & Zinc Complex | 5OTZ | + 12.73% |
| Petrol AD | 5PET | + 12.14% |
| Doverie United Holding AD | 5DOV | + 7.89% |
| Top Losers | Ticker | Change |
| Bulgarian Real Estate Fund | 5BU | -8.99% |
| Orgachim AD | 5ORG | -8.74% |
| Billboard AD | 5BP | -7.45% |
* 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) |
| 6.48 | 488.19 | 1.64% | -72.39% | 1 834 |
Overview
Moving Mostly Up
Stock indices opened strongly on Wednesday with the SOFIX rising by 4.5% in the first few minutes and the BG TR30 index adding as much as 3.0%. Moving towards the end of the session, the sentiment became less optimistic and the blue-chip index closed 1.64% higher at 488.19, while the BG REIT index lost 2.1% to 53.98.
Orgachim [5ORG; -8.74%], which on Wednesday announced a 57.4% y-o-y slump in its nine-month net profit, fell by 8.74% to BGN 94, becoming one of the day's top losers. Shares in the company worth BGN 30,362 changed hands. Lead and Zinc Complex [5OTZ; +12.73%], on the other hand, jumped by 12.73% to BGN 12.4 after losing 4.05% on Tuesday. Turnover in the stock was BGN 10,614.
Holding Roads [6H2; -6.12%], which on Tuesday plummeted by 30% upon the start of trading of new shares from its capital increase, slipped by another 6.12% to BGN 4.6 in a volume of BGN 136,537.
The most liquid on Wednesday was Chimimport [6C4; +1.89%, which gained 1.89% to BGN 3.07. Shares in the holding company worth BGN 731,832 changed hands.
Corporate news
Orgachim's 9M Net Profit Slumps by 57.4% y-o-y
Orgachim [5ORG] on Wednesday reported a 57.4% yearly slump in its nine-month net profit to BGN 4.5 mln. The company’s sales revenue through September increased by 15.3% to BGN 109.8 mln, while operating costs rose at a faster pace – by 21.9% to BGN 104.1 mln. Costs for raw material surged by 25.5% y-o-y to BGN 80.3 mln and labour costs advanced by 37.8% to BGN 6.9 mln, bringing Orgachim’s net income margin down to 4.0% for the first nine months of the year from 11% a year earlier.
Intertrust Files Letter of Intent to Operate Kremikovtzi
Bulgarian metals group Intertrust Holding has filed a letter of intent to operate Kremikovtzi [4KW] with the Economy Ministry and the receivers, Intertrust’s majority owner Valentin Zahariev said. The plant started closing its two operating blast furnaces last week due to lack of raw materials. Valentin Zahariev is a former CEO of Kremikovtzi. Vadim Novinski, the second richest person in Ukraine, is also interested in acquiring the insolvent steel mill, local media reported on Wednesday.
Zarneni Hrani Bulgaria Opens Biofuel Plant
Zarneni Hrani Bulgaria [T43] on Wednesday officially opened its EUR 15 mln biofuel plant in the town of Provadia. The plant has capacity of producing 100,000 tonnes of biofuel per year. Zarneni Hrani plans to export the production to Romania, Spain, Austria and Israel, the company’s executive Director Georgi Kostov said at the opening ceremony. The company earlier this year froze a project for another biofuel plant due to unfavourable conditions on the local market.
Sopharma's 10M sales Revenue Up 9%
Sopharma’s [3JR] sales revenue for the first 10 months of the year grew by 9% as revenue generated from exports increased by 22%, the company said on Wednesday but quoted no figures. sales on the domestic market didn’t register growth because of the ongoing reconstruction of the company’s ampoule plant and some specifics of the market, Sopharma said.
Economy and Politics
LEONIA Rises to 5.58%
Bulgaria's Lev Overnight index Average, LEONIA, rose to 5.58% on Tuesday from 5.08% as local banks were drained of some BGN 1.0 bn which had to be deposited with the central bank in compliance with the minimum reserve requirements.
Govt Stops Funding for ISPA Projects
Bulgaria’s government will stop financing worth some EUR 2.0 mln for three projects under the European Union’s pre-accession programme ISPA to avoid sanctions from the bloc for improper spending of the money, the country’s Deputy Prime Minister in charge of EU finding Meglena Plugchieva said. Financing for a total of EUR 144 mln under the ISPA programme has been blocked so far from the EU because of irregularities.
Upcoming Events
Eurohold Bulgaria [4EH]
25.11.2008 Eurohold Bulgaria [4EH] to release its consolidated ninemonth financial statement.
BG40 Stocks (table)
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Newsletter Daily 2008.11.05.pdf, 282 Kb
