Headlines
Euroins [5IC] plans to seek BGN 10 mln in capital hike
Bulgaria's GDP seen rising by some 6.0% in 2008 despite financial turmoil
Bulgaria’s 8-mo trade deficit up 31% y-o-y to BGN 11.2 bn
Bulgaria renews payments to farmersunder SAPARD with funds from the budget
LEONIA rises while EURIBOR and LIBOR decline
Overview
Bulgarian stocks surged on Tuesday, extending Monday's gains after steep declines earlier. The SOFIX jumped by 7.56%, its strongest daily gain since December 20, 2002.
Most of the global stock exchanges were also up as investors' hopes were boosted by governments' measures to fight the liquidity crisis. Now the main question is how long these rises will last before profit aking and possibly more bad news erase gains.
Investors' activity increased and trading volume jumped to BGN 7.9 mln from some BGN 2.0 mln on Monday and some of the shares rose in high volumes.
Chimimport [6C4] was up by 15% in a volume of 177,609 shares and Zarneni Hrani Bulgaria [T43], part of the group, gained 10.1% to BGN 1.12 with 164,357 stocks changing hands. Among the most traded were also the shares of some REITs. Elana Agricultural Land Opportunity Fund REIT [4EC] climbed 2.13% to BGN 1.1 in a volume of 407,067 shares and Agro Finance REIT [6AG] added 3.09% to BGN 1.0 as 300,000 of its shares were traded.
Corporate news
Euroins [5IC] plans to seek BGN 10 mln in capital hike
Euroins [5IC] will seek some BGN 10 mln in a capital increase, the company said. Euroins plans to issue 2.5 mln new shares with a face value of BGN 1.0 and issue price of BGN 4.0, thus raising its capital to BGN 12.5 mln. Proceeds from the capital hike will be used to strenghten the company amid the ongoing financial crisis and back its growth, Euroins said. company shareholders will vote on the proposed move at a meeting on November 28.
Economy and Politics
Bulgaria's GDP seen rising by some 6.0% in 2008 despite financial turmoil
Bulgaria’s GDP is expected to grow byabout 6.0% this year despite fears for as recession of the global economy, Deputy Finance Minister Yavor Kuyumdzhiev said. He added that economic growth will likely slow down to some 5.0% next year, confirming a recent estimate of Deputy Prime Minister Ivailo Kalfin for growth of 5.0%-5.5% in 2009. Kuyumdzhiev said also that 2008 foreign direct investments are likely to remain at last year’s level or drop below that. Bulgaria attracted a record high EUR 6.1 billion in FDI last year.
Bulgaria’s 8-mo trade deficit up 31% y-o-y to BGN 11.2 bn
Bulgaria’s trade deficit through August reached BGN 11.2 bn as it widened by 31% y-o-y, slower than in July, when it was up by 37% y-oy, data from the National Statistical Institute showed. Exports (FOB) were up by 22% to BGN 20.7 bn, while imports (CIF) grew by 26% to BGN 33.5 bn.
Bulgaria renews payments to farmers under SAPARD with funds from the budget
Bulgaria’s state agriculture fund on Monday renewed payments to farmers under the European Union’s pre-accession SAPARD programme using money from the budget, the fund’s executive director Atanas Kanchev said. The EU earlier this year froze payments under its SAPARD, ISPA and PHARE programmes because of irregularities in the spending of funds by the Bulgarian authorities.
LEONIA rises while EURIBOR and LIBOR decline
Bulgaria's Lev Overnight index Average, LEONIA, reached a record high of 5.83% on Monday, compared to 5.26% on September 12, data from the central bank showed. At the same time, the three-month LIBOR fell by 7 basis points to 4.75% on Monday and the three-month EURIBOR slid 8 basis points to 5.24% on Tuesday.
Upcoming Events
Eurohold Bulgaria [4EH]
27.10.2008 Eurohold Bulgaria [4EH] holds a shareholders’ meeting at 1100 local time.
Kapitan Dyado Nikola [3KN]
29.11.2008 Kapitan Dyado Nikola [3KN] to hold a shareholders’ meeting at 1030 local time.
Top Gainers (table)
Top Losers (table)
Trends (Sofix) (chart, table)
BG40 Stocks (table)
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