Headlines
Holding Roads Sees Cons Gross Profit above BGN 200 mln after 2010
Sofia City Court Rules that Vorskla is the Owner of Kremikovtzi's Production
Industrial sales Jump 10.1% M/M, Rise 2.5% Y/Y
September Industrial Output Rises 7.1% M/M, Up 1.2% Y/Y
EU To Extend Deadline for Payments under SAPARD Programme
| Value | Daily Chng | YTD Chng | |
| SOFIX | 472.05 | -3.31% | -73.30% |
| BG 40 | 140.57 | -4.04% | -72.87% |
| BG REIT | 53.54 | -0.82% | -48.14% |
| BGTR 30 | 354.71 | -3.11% | -67.68% |
| Shares Turnover (BGN thnds) | 1 081.48 |
| Bonds Turnover (BGN thnds) | 333.26 |
| market Capitalisation (BGN mln) | 13 408.39 |
| market Capitalisation/GDP | 21% |
| Top Gainers | Ticker | Change |
| Corporate Commercial Bank | 6C9 | + 1.43% |
| Hydraulic Elements & Systems | 4HE | + 0.02% |
| Sopharma AD | 3JR | -1.02% |
| Top Losers | Ticker | Change |
| Moststroy AD | 5MY | -16.78% |
| Favorit Hold AD | 6A9 | -10.00% |
| Odessos Shiprepair Yard AD | 5ODE | -9.82% |
* 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) |
| 6.28 | 472.05 | -3.31% | -73.30% | 784 |
Overview
SOFIX Loses 3.3%, BG40 Slips by 4.04%
Bulgarian stock indices fell on Thursday, erasing yesterday's gains as a bearish sentiment took over Europe. The SOFIX index fell by 3.3% to 472.05 and the broad BG40 index index, which was losing nearly 5% by noon, finished 4.04% lower at 140.57 after gaining ground on Wednesday.
Infrastructure company Moststroy [5MY; -16.78%] tumbled by 16.78% to BGN 6.3 in a volume of BGN 4,328, becoming Thursday's biggest loser. Holding Roads [6H2; -6.11%], which on Tuesday plummeted by 30% after the start of trading of shares from its capital increase, continued falling and lost another 6.11% to a close of BGN 4.32. Shares in the company worth BGN 106,286 changed hands.
The company's board chairman Orlin Hadjiyankov on Thursday said Holding Roads' consolidated gross profit will exceed BGN 200 mln in 2010, so we should wait and see if the market reacts in any way to the announced projections.
Twenty-seven of the BG40 components fell and 10 of the shares rose in a total turnover of BGN 4.3 mln for the day.
Corporate news
Holding Roads Sees Cons Gross Profit above BGN 200 mln after 2010
Holding Roads [6H2] expects its revenue to jump to over BGN 1 bn in 2010 and consolidated gross profit to exceed BGN 200 mln, it said in a filing. It hopes that EU allocations will help it boost its results, the company’s board chairman Orlin Hadjiyankov told SeeNews. The holding company has said it expects to have revenue of BGN 210-220 mln and net profit of BGN 42 mln this year. Last year the company more than doubled its consolidated net profit to 15.9 million levs. Bulgaria, which stands to receive almost BGN 7.0 bn in EU funding to 2013, has adopted an ambitious plan to pour billions of euro in its infrastructure to 2015 to increase its competitiveness. Holding Roads plans to invest EUR 20 mln in Ukraine and EUR 10 mln in Albania next year, the filing said.
Sofia City Court Rules that Vorskla is the Owner of Kremikovtzi's Production
The Sofia City Court ruled that Vorskla Steel Bulgaria, controlled by Ukrainian tycoon Konstyantin Zhevago, is the owner of the raw materials and the production of Kremikovtzi [4KW], which was produced under a tolling agreement with the steel mill. Thus, allegations that Vorskla Steel has not fullfilled its obligations to deliver raw materials have been dismissed. Kremikovtzi owes more than EUR 5 mln and 28,000 tonnes of hot-rolled products to Vorskla Steel, Vorskla said.
Economy and Politics
Industrial sales Jump 10.1% M/M, Rise 2.5% Y/Y
Bulgaria’s September industrial sales rose by 10.1% month-on-month and by 2.5% y-o-y, data of the National Statistical Institute (NSI) showed on Thursday. Industrial sales in the manufactoring sector increased by 10.9% month-on-month after falling by 14.6% in August and in the mining sector, industrial sales jumped by 10.1% after decreasing by 5.8% a month earlier. Industrial sales in the utilities sector registered growth of 3.4% on the month after rising by 1.4% in August.
September Industrial Output Rises 7.1% M/M, Up 1.2% Y/Y
Bulgaria's September industrial output rose by 7.1% month-on-month and was 1.2% higher y-o-y, preliminary data of the National Statistical Institute (NSI) showed. Industrial output in the manufactoring sector increased by 8.1% month-on-month after dropping by 16.5% in August, output in the minig sector rose by 4.0% after a 3.1% decline in August and output in the utilities sector added 4.3% after going up by 2.1% in August. In August, industrial output fell by 12.8%.
EU To Extend Deadline for Payments under SAPARD Programme
European UnionAgriculture Commissioner Mariann Fischer Boel has proposed that the deadline for the absorption of funding under the bloc’s SAPARD pre-accession programme in Bulgaria be extended by a year, Konstantin Palikarski, deputy executive director of the state agriculture fund, told Dnevnik daily. So far, funding can be paid up to two years after the closure of the programme.
Upcoming Events
Industrial Holding Bulgaria [4ID]
20.11.2008 Industrial Holding Bulgaria [4ID] to hold a bondholders meeting.The meeting is scheduled to start at 10h 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 2008.11.06.pdf, 283 Kb
