Headlines
Corporate Commercial Bank Raises 9M Net Profit by 64% y-o-y
Petrol AD [5PET] To Launch Mobile Telephone Services
Vorskla Steel Bulgaria Plans to End Tolling Contract with Kremikovtzi
Bulgaria Puts Nine to Trial for Misuse of SAPARD Funds
Overview
Mixed Performance on BSE
Bulgarian stocks started the week with positive movements, with all local indices gaining percent or two in early trading. Stocks began to give up their gains later and BG slipped into negative territory by the end of the session, finishing the day 0.73% lower. The other indices however posted little gains, with SOFIX up by 0.78%, BGTR30 up by 0.42% and the real estate BGREIT index advancing by 1.41%.
The volume was very slight, making it clear that investors’ sentiment
won't immediately show a turn for the better. Top three companies in terms of turnover - Sopharma [3JR, +0.66%], First Investment Bank [5F4, +0.57%] and Chimimport [6C4, +0.25%] – generated 72% of the total daily trading volume. CB Corporate Commercial Bank [6C9, 1.35%], which released its Q3 financial statements today, was also among the actively traded issues. The shares of the bank lost 1.35% today despite the fact that its net interest income advanced by 33% yo- y and net income jumped by 64% y-o-y as of the end of September. In Q3 alone the net interest income advanced by 22% and the bottom line was 35% higher. The performance of the bank remains strong but it is still worse than what we saw in H1 when the top line was boosted by 42% and the earnings skyrocketed 83%.
Corporate news
Corporate Commercial Bank Raises 9M Net Profit by 64% y-o-y
Corporate Commercial Bank [6C9] on Monday said it raised its ninemonth net profit by 64% y-o-y to BGN 30.7 mln, higher than the expected BGN 28.6 million. The bank’s credit portfolio grew by 55% y-oy to BGN 1.05 bn at the end of September, while its deposit portfolio was up by 30% y-o-y to BGN 1.6 bn. Corporate Commercial Bank rankled the country’s 10th largest lender by assets at the end of August.
Petrol AD [5PET] To Launch Mobile Telephone Services
Petrol AD [5PET] plans to launch on October 22 mobile telephone services using the network of the country’s largest wireless operator, Mobiltel, the company’s marketing and advertisement director Svetodar Yosifov, announced on Monday. The service will be offered through the network of Newspaper Group Bulgaria starting on October 27.
Vorskla Steel Bulgaria Plans to End Tolling Contract with Kremikovtzi
Vorskla Steel Bulgaria, a company controlled by Ukrainian billionaire Konstantin Zhevago, plans to end a tolling contract with Kremikovtzi [4KW], Viktor Demenyuk of Vorskla Steel Bulgaria said on Monday. Kremikovtzi’s deal with Vorskla Steel is in force as of July 11. Konstantin Zhevago is one of the potential buyers of the insolvent steel mill alongside with ArcelorMittal.
Economy and Politics
Bulgaria Puts Nine to Trial for Misuse of SAPARD Funds
Bulgaria on Monday launched a trial against nine company officials accused in mismanagement of funding under the European Union’s pre-accession SAPARD programme and document forgery. The country’s authorities were informed of the case by the German customs in 2006, when Bulgarian meat-processing companies were caught using forged documentation for the import of used machinery.
Upcoming Events
Balkancar Zarya [4BU]
05.12.2008 Balkancar Zarya [4BU] holds an extraordinary shareholders' meeting to vote on changes of management and to chose an audit committee. The meeting will take place at 1130 local time.
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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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 2008.10.20.pdf, 279 Kb
