Headlines
BACB Revenues and Profit Growth Slow Down in Q3
Eurohold toConsolidate its Leasing Business on the balkans
Bulgaria's September Inflation Accelerates
GDP Expected to Slow Down to 5.0% - 5.5%
Overview
Stocks Climb Back After Steep Losses
In a relatively slight turnover the Bulgarian market revived today after steep slides last week. The rebound came after governments around the world stepped up efforts to restore confidence and to calm down jittering financial markets providing multibillion-dollar bank bailouts.
Bulls were on the run and all indices opened in green. In a very thin volume, SOFIX surged more than 7.4% in early trading, BG40 and BGTR30 gained some 7% and BGREIT was up by 1.2%. The euphoria however did not last long. Selling intensified during the day and sent the prices back near their opening levels. SOFIX finished the session 2.63% higher, BG40 jumped by 4.19%, BGTR30 added 2.67% and BGREIT closed 0.37% higher than its Friday close.
The turnover was very low – some BGN 2 mln, showing that investors remain extremely wary to enter the market. Despite most of the shares moving upwards, some of the liquid companies like Advance Terrafung REIT [6A6, -7.28%] and CB Central Cooperative Bank AD [4CF, -3.0%] continued to lose ground.
Corporate news
BACB Revenues and Profit Growth Slow Down in Q3
The Bulgarian – American credit Bank released its Q3 consolidated financial reports on October 10. Net interest income jumps by 31.4% yo- y to BGN 40.4 mln for the first nine months of the year. Net income is up by 25% y-o-y to BGN 31.0. For the last three months alone, net interest income increases by 8.4% as compared to the same quarter last year, while the bottom line dips by 5%.
Eurohold to Consolidate its Leasing Business on the balkans
On October 27 shareholders of Eurohold will vote on a proposal that the company consolidates its leasing Business in a new subsidiary - Eurolease Holding, Netherlands, the company announced in a statement. The leasing Business of Eurohold is worth some BGN 25.6 mln and is currently run through Eurolease Auto – Sofia, Eurolease Auto – Bucharest and Eurolease Auto – Skopie. Eurohold plans to merge these entities into the Dutch-based company.
Economy and Politics
Bulgaria's September Inflation Accelerates
Bulgaria’s year-over-year consumer price inflation decelerated to 11.0% in September compared to 11.2% in August, the National Statistics Institute announced on Monday. Consumer prices jumped by 1.1% m-o-m in September after rising by 0.1% in August. The relative average increase in consumer prices was 7.4% for the first nine months of the year.
GDP Expected to Slow Down to 5.0% - 5.5%
Bulgaria's economic growth is expected to slow down to 5.0%-5.5% in 2009 because of falling foreign direct investments and lower exports to Europe and the U.S., Deputy Prime Minister Ivailo Kalfin said on Sunday. The government's earlier forecast was for growth of 6.0%- 6.5% next year. The country's economy expanded by a real 7.1% in the first half of the year.
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Newsletter Daily 2008.10.13.pdf, 276 Kb
