Headlines
Eurohold Raises Capital of Euroins Insurance Group on the back of a Mezzanine Loan
Balkan holidays Sold its Stake in FIBank
Sunny Day Closes Q3 with a Loss
Government to Support the credit market
Head of Road Infrastructure Agency Steps Down
Overview
Stocks End Mostly Up in Week's Last Session
After trying to find the right direction for the past five days, stocks ended the week as they started it - with a rise. The SOFIX index jumped by 4.41% in the first 15 minutes of trading but finished just 1.76% higher, while the BG 40 index, which had gained 2.78% by that time, managed to extend gains to 2.97% upon its close. Overall, 31 of the BG 40 components rose and only 6 were down.
Only one of the indices, BG REIT, recorded a drop on Friday. However, it is not unusual for the index tracking the performance of local REITs to move in a direction opposite to that of the rest of the indices.
Trading volume jumped to BGN 8.6 mln from BGN 4.5 mln on Thursday, making Friday's session the most active during the week. The most liquid position was Bulgarian-American credit Bank [5BN; 0.0%, BGN 23], which accounted for more than half of the daily turnover.
Among the most traded were Agro Finance REIT [6AG] and BenchMark Fund Estates REIT [5BMA]. Agro Finance REIT, which is Friday's top loser, slumped by 28% to BGN 0.9 in a volume of 400,365 shares. The other REIT ended 0.42% lower to BGN 1.18 as 182,736 of its shares changed hands.
Corporate news
Eurohold Raises Capital of Euroins Insurance Group on the back of a Mezzanine Loan
Eurohold Bulgaria [4EH] has subscribed all 28 799 991 new shares from the capital increase of its subsidiary Euroins Insurance Group. The proceeds from the capital increase will enhance the regional expansion of the insurance holding. Eurohold Bulgaria has borrowed the funds for the capital raise from Accession Mezzanine Capital II, entering into a 7-years non-amortizing mezzanine loan agreement.
Balkan holidays Sold its Stake in FIBank
Balkan holidays Limited has sold its 6.72% stake in the capital of First Investment Bank [5F4], BSE-Sofia announced today. Balkan holidays has sold 7 390 000 shares at BGN 1.052 per share at the OTC market on October 15, the bank said in a statement.
Sunny Day Closes Q3 with a Loss
Revenues of Sunny Day AD [3JP] jumped by 17.7% y-o-y in the first nine months of the year but net income was negative, the company’s Q3 financial statements show. The loss is at the amount of BGN 908 th. as compared to a net profit of BGN 441 th a year ago. Operational results also worsened with EBIT decreasing to BGN 1 592 th. from BGN 1 797 th as of the end of September 2007. Profitability suffered on the back of surging materials, labor and other expenses.
Economy and Politics
Government to Support the credit market
The government is ready to use the banks’ minimum reserves mechanism and fiscal funds, if necessary, to ease the credit market, the Prime Minister Sergey Stanishev said yesterday speaking at the European Council meeting held in Brussels. Stanishev declared readiness of Bulgaria’s government to undertake all measures needed to ensure liquidity of financial system so as to maintain confidence and stability.
Additionally, the government will seek approval from the Parliament on legal changes allowing the state to guarantee interbank loans in case of necessity, the Minister of Finance Plamen Oresharski said today. The government will also propose that the guaranteed amount of individuals’ deposits increase to EUR 50 000 from EUR 20 000 currently.
Head of Road Infrastructure Agency Steps Down
The executive director of Nacional Agency Road Infrastructure Dimitar Ivanov resigned on health grounds today. Dimitrov leaves his post three months after his nomination on April 8.
The resignation comes one day after it was announced that one of the two state agencies handling PHARE infrastructure programs for Bulgaria would be refused accreditation, which would cause significant loss of funding for the country.
Upcoming Events
Bulgarian – American credit Bank
20.10.2008: Bulgarian – American credit Bank will hold an extraordinary General Shareholders’ Meeting at 10:00 a.m. at its headquarter in Sofia.
Top Gainers (table)
Top Losers (table)
Trends (Sofix) (chart, table)
BG40 Stocks (table)
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Newsletter Daily 2008.10.17.pdf, 58 Kb
