Market comment
European stock benchmarks retreated in late afternoon hours, driven with Iceland’s credit rating cut by rating agency Standard & Poors. Commodity prices are mostly higher, while euro depreciated vs. U.S. dollar as a result of aforementioned rating cut. U.S. stock went higher after opening, as better than estimated data on home prices and consumer confidence bolstered optimism the economic recovery is accelerating.
ZSE’s equity indices closed with performance today. CROBEX added 0.1% to 2,137.1 pts and blue chip CROBEX10 closed at 1,152.7 pts, 0.1% down. Regular stock turnover amounted to HRK below average HRK 13.7 m.
Defensive plays attracted investors attention today: telco T-HT (HTRA ZA) added 0.6% collecting HRK 4.5 m in turnover, tobacco & tourism Adris Group preferred issue (ADRSPA ZA) slipped 0.3% on HRK 1.5 m in turnover and telecom solutions provider Ericsson Nikola Tesla (ERNTRA ZA) increasing by 0.3% on HRK 0.7 m in turnover.
Media speculations that holding company SN Holding will get majority stake in hotel company Liburnia Riviera Hoteli (LRHRA ZA), as a result of law settlement, pushed their prices sharply higher. SNHO share rose 26.5% on HRK 0.8 m turnover, while Liburnia stock jumped 16.7% collecting HRK 0.5 m in turnover.
Market comment
Above expected increase Euro zone economic confidence and confirmation of U.K. AAA credit rating by Standard & Poors credit rating positively affected European equities. An index of executive and consumer sentiment in the 16 nations using the euro rose to 97.7 from 95.9 in February, outpacing median of economists projections (97.1). Wall Street indices also rose after opening, stimulated with 5th consecutive increase of consumer spending. Personal spending increased by 0.3% m/m in February, what is in line analyst’s expectations.
ZSE’s equity benchmarks have mixed closing performance, with CROBEX decreasing by 0.3% to 2,135.2 pts and bluechip CROBEX10 minimally soaring to 1,153.5 pts on midsession. Liquidity remains on low levels, as regular stock turnover amounted to below average HRK 12.0 m.
Low liquid ordinary share of distribution transformers producer Končar Distributivni i Specijalni transformatori (KODTRA ZA) increased by 5.3% on HRK 0.9 m in turnover, as proposed dividend in amount of HRK 102.7 per share attracted investors.
Construction consultancy Institut IGH (IGHRA ZA) added 2.8% collecting HRK 0.9 m in turnover, on acquisitions of two project bureaus in Zagreb. Institut IGH took over 50.0% of Geotehnika-Inženjering doo for HRK 22.5 m and became sole owner of the bureau. Furthermore, it acquired majority share in Projektni biro Palmotićeva 45 doo paying HRK 18.0 m for 80.1% stake.
Market comment
European stocks slightly declined in Friday, despite news that EU members and IMF agreed to help Greece to tame its high debt burden. Euro rallied from a 10-month low against the dollar, jumping above level of 1.34 per US dollar. USD appreciation also pushed commodity prices up. Wall Street opened in positive, driven with better than expected final reading of Reuters/University of Michigan consumer sentiment index. Index held at 73.6 pts in March, while economists forecasted decline to 73.0 pts.
ZSE's equity benchmarks remained unchanged, with CROBEX and CROBEX10 closing at 2,140.75 pts and 1,153.3 pts respectively. Regular stock turnover amounted to HRK 11.1 m, lowest level from March 11th.
Telco T-HT (HTRA ZA) closed above HRK 320, on announced acquisition of IT system integrator Combis Ltd. T-HT paid between HRK 185.3 m and HRK 228.9 m for 100% stake in Combis Ltd. (depending on Company’s 2010-11 results), or at P/S multiple between 0.6 and 0.7. Combis’s 2009 consolidated revenues amounted to HRK 330 m, or 3.7% of T-HT’s FY 09 revenues. This takeover is in line with Company’s strategy to become important ICT provider on HRK 2.1 bn worth domestic IT services market.
Paper producer Belišće (BLSCRA ZA) declined 4.8% on HRK 0.7 m in turnover, as media speculations that acquirer Duropack AG will offer bid price for Belišće stock slightly above three month average of HRK 458.2 per share (minimal bid price, as per takeover law).
REIT FIMA Proprius (FMPSRA ZA) continued with upward session, minimally increasing on HRK 0.4 m in turnover.
Released preliminary GDP data show that Croatian 2009 GDP declined 5.8% y/y in real terms, what is in line with flash estimate released on the end of February. Q4 GDP plunged 4.5% y/y, a sign that free fall of Croatian economy stopped. Categories personal consumption and gross investments were main culprits of this decline, dropping by 7.5% y/y and 11.3% y/y respectively.
Market comment
Europen markets jumped today, with major indices increasing more than 1.0% on average. Germany's support to Greece rescue proposal (which includes IMF assistance) boosted demand for riskier investments. European supranational currency also appreciated toward U.S. dollar and commodity prices went up. Wall Street indices opened sharply higher, driven with positive session in Europe.
Investors on Zagreb Stock Exchange weren’t so lucky, as CROBEX added 0.1% to 2,140.7 pts while CROBEX10 closed at 1,153.2 pts, 0.2% down. Regular stock turnover totaled to below average HRK 16.1 m, a sign of mild institutional investors presence.
REIT FIMA Proprius (FMPSRA ZA) and tobacco & tourism Adris Group ordinary share (ADRSRA ZA) were top liquid gainers, increasing by 7.3% and 5.9% respectively. It seems that investors have focused on issues which are trading below their Net Asset Value/book value. FIMA Proprius share had HRK 1.7 m in turnover, while ordinary Adris Group stock collected HRK 1.1 m.
Despite crude oil price growth, oil & gas company Ina (INARA ZA) slipped by 0.6% collecting HRK 1.4 m in turnover.
News that domestic institutional investors (mandatory pension funds) haven’t managed to get controlling quote in Supervisory Board of food & pharmaceutical Podravka (PODRRA ZA) didn’t affect Podravka share, which rose 0.9% on minimum turnover.
Market comment
Although soaring concern on Greece debt and Moody’s downgrade of Portugal’s sovereign debt negatively reflected on European equities, German DAX and British FTSE managed to close in black. Wall Street indices declined 0.4% on average, on announced below expected new home sales and durable goods data. In February, new home sales declined 2.2% m/m to 308.000 units while economists expected 1.9% m/m growth to 315k units. Durable goods orders increased by 0.5% m/m in same month, trailing analyst estimates who projected 0.6% m/m growth.
ZSE’s equity benchmarks had mixed performance today, with CROBEX decreasing by 0.3% to 2,138.3 pts and blue chip CROBEX10 closing at 1,155.1 pts, 0.1% up. Liquidity reduced significantly, as regular stock turnover amounted to HRK 14.4 m.
Announcement that dry bulk Atlantska Plovidba (ATPLRA ZA) contracted delivery of two 79.8k DWT Panamax vessels didn’t increased demand for ATPL stock, as it slipped 0.3% on minimum turnover. Atlantska’s order book is consisted of six vessels with total capacity of 420k DWT, or almost 52.0% of current freight capacity.
Proposed dividend in amount of HRK 102.7 per share provoked interest for low liquid ordinary share of distribution transformers producer Končar Distributivni i Specijalni transformatori (KODTRA ZA), which rose 2.2% on HRK 0.2 m in turnover.
Iako je podbačaj prihoda Hrvatskih autocesta nakon turističke sezone donekle iznenađujući, da je narastao i 10 do 20 posto u odnosu na prošlu godinu, to ne bi ništa značajnije promijenilo njihovo poslovanje. Sljedećih šest godina HAC će preživljavati, podižući nove kredite za otplatu starih koji su dizani od 2001. i čiji vrhunac dospijeća je ove i sljedeće dvije godine. Investicije u novu gradnju do 2016. iznosit će tek milijardu kuna, a oko 1,2 ... (5.9.2010 22:00:00)opširnije »
Saborsko Istražno povjerenstvo za privatizaciju Ine održat će 13. i 14. rujna sjednicu na koju su pozvani odgovorni koji su bili u Vladi, Nadzornom odboru i Upravi Ine za vrijeme privatizacije da daju iskaz kako bi objasnili nejasnoće u privatizaciji ili preuzimanju plinskog poslovanja. Kao svjedoci pozvani su, među ostalima, bivši premijer Ivo Sanader te bivši potpredsjednik vlade i ministar gospodarstva Damir Polančec. Iskaze bi trebali dati i ... (5.9.2010 22:00:00)opširnije »
Uvođenje 1-godišnjeg poreza na banke (i druge financijske institucije) bilo bi pogrešno, jasno se o toj inicijativi očitovao Alessandro Profumo, predsjednik Uprave UniCredit grupe. Ne toliko za nas koliko za zemlju", naglasio je u intervjuu danom za posjeta Hrvatskoj prošli tjedan. Potvrdio je da je to bila jedna od brojnih tema susreta s premijerkom Jadrankom Kosor. Od ostalih tema, oboje su naglasili interes za pokretanjem novih investicija. N ... (5.9.2010 22:00:00)opširnije »
Obrana završava ispitivanje svjedoka u Podravkinoj aferi "Spice". Od najavljenih 56 svjedoka branitelji osumnjičenih podravkaša još trebaju pozvati: Mladena Vedriša, profesora Pravnog fakulteta u Zagrebu i bivšeg predsjednika NO-a Podravke, Darka Tipurića, bivšeg dekana Ekonomskog fakulteta u Zagrebu i bivšeg člana NO-a Podravke, te Ivu Sanadera, bivšeg predsjednika Vlade. Obrani se, navodno, nisu odazvali bankari Franjo Luković i Božo Prka, a sv ... (5.9.2010 22:00:00)opširnije »
Bivši potpredsjednik Vlade i ministar gospodarstva, Damir Polančec 17. rujna prvi će put sjesti na optuženičku klupu i izjasniti se o krivnji za slučaj naručivanja navodno nepotrebne studije koju je Ministarstvo gospodarstva platilo pola milijuna kuna. Osim nekadašnjih suradnika iz kabineta, ključni svjedok će mu biti Vojislav Stanimirović, čelnik Samostalne demokratske srpske stranke. Iako je u petak održano pripremno ročište na zagrebačkom Župa ... (5.9.2010 22:00:00)opširnije »
Objavom da povlači izmjene Zakona o radu i da će o njima ponovno pokrenuti razgovore sa sindikalistima Vlada je upotpunila zbrku oko tog zakona i referenduma. Kao da nije bilo dovoljno što je prethodno u samo desetak dana rebalansom predvidjela novac za referendum (kao i za npr. božićnice) i izašla s nalazima provjera potpisa građana prema kojima za samo 300-tinjak tisuća od ukupno više od 800 tisuća nije pronađeno ništa sporno. Za referendum 'be ... (5.9.2010 22:00:00)opširnije »
Kako je moguće da usred spora između Vlade s jedne i sindikata s druge strane, Sabor za provjeru potpisa zaduži upravo Vladu i njezina ministarstva, zapitao se Dragan Zelić iz GONG-a. "Provjeru potpisa na kandidaturama predsjedničkih kandidata vrši neovisno tijelo odnosno Državno izborno povjerenstvo koje je trebalo odraditi i ovaj posao", kazao je Zelić. Ministar Mlakar odbacuju kritike i ponavlja kako su oba ministarstva uz suradnju sa APIS IT- ... (5.9.2010 22:00:00)opširnije »
Danas se održava prvi sastanak novoga Nadzornog odbora Podravke i počet će preliminarni razgovori o strategiji za rješenje problema s "otkupom" Podravkinih dionica koje su OTP-u zalog za kredit kojim je financirana Fima Ami u preuzimanju 10,6 posto Podravkinih dionica. Mora se pronaći model koji će zadovoljiti OTP i odvratiti ga od namjere da proda Podravkine dionice, na što ima pravo ako kompanija ne namiri dug od 38 milijuna eura na koliko je, ... (5.9.2010 22:00:00)opširnije »
Predsjednik Uprave Zagrebačkog holdinga Ivo Čović diskrecijski, bez propisanih kriterija i suprotno odredbama kolektivnog ugovora, odlučuje o plaćama svojih najbližih suradnika. Redom je riječ o najvišim funkcijama, podijeljenim u 13 kategorija, od voditelja odjela, preko raznih pomoćnika, direktora sektora, službi pa do člana Uprave. Njima se dodjeljuju najviši koeficijenti složenosti poslova koji se onda množe s osnovicom plaće od 2900 kuna. Sp ... (2.9.2010 22:00:00)opširnije »
Sindikat trgovine, jedan od granskih sindikata koji su najavili izlazak iz Saveza samostalnih sindikata Hrvatske (SSSH), ostaje pod okriljem Saveza. Nakon isteka tri mjeseca od donošenja odluke o istupanju, Sindikat trgovine je 1. rujna tu odluku stavio izvan snage. "To nije neočekivano jer smo u posljednjih mjesec dana donijeli odvažne odluka koje imaju za cilj smanjiti naše rashode i poboljšati poslovanje. Nadamo se da će tako postupiti i drugi ... (2.9.2010 22:00:00)opširnije »
ATGR Q1 2010 RRKvartalni rezultati (18.5.2010 2:00:00) opširnije »
ATGR FY 2010 RC
