Portuguese Capital Markets Benchmarks
In August, the PSI-20 Share Index gained by 3% compared to July, reaching 9,957.57 points. The annual volatility of said Index dropped by 1.22 pp in comparison to the previous month. On an accumulated basis, the volatility of the PSI-20 was above the average level registered in the corresponding period. The turnover in the Spot Secondary Market decreased in comparison with July reaching €11,187 million. This drop is explained by the conduct in general of the sectors, with the Regulated Markets (-8.2%) being of note, particularly the Shares (-14.7%) and by MEDIP (-5.6%). In spite of the poor interest shown in the Off-Market, there was a growth in the trade volume (+15.2%). On an accumulated basis, the period from January to August 2006, showed correspondingly a growth of 9.9%, boosted by a trade increase of Shares in Regulated markets (88.6%). The market capitalisation of Euronext Lisbon reached €229,369.1 million, 2,2% more than the end of July, boosted by the growth in the Share sector of the Regulated and Non-Regulated markets. The market capitalisation surpassed the amount registered at the end of last year by 29%. In the Undertakings for Collective Investment in Transferable Securities and Special Investment Funds industry[1], the net asset value under management decreased 0.5% compared to June, notwithstanding an increase in the number of active funds. On the other hand, the net asset value of Real Estate Funds was up 1.1% [1], and the number of real estate funds also rose due to the establishment of 6 new funds. Lisbon, 1 September 2006 Table 1 –PSI-20 Index (Values and variation) | | Aug 2006 | Jul 2006 | Aug 2005 | Dec 2005 | Monthly D | Yearly D | In the year D | | PSI-20 (Closing price) | 9.957,6 | 9.665,4 | 7.818,0 | 8.618,7 | 3,0% | 27,4% | 15,5% |
Table 2 –PSI-20 Index (Volatility) | | Monthly Values | Accumulated Values | | PSI-20 | Aug 2006 | Jul 2006 | Aug 2005 | Jan-Aug 2006 | Jan-Aug 2005 | | Volatility (1) | 5,13% | 6,35% | 7,03% | 10,46% | 8,21% | | Maximum(Date) | 9.972,55 (28-Aug) | 9.668,00 (28-Jul) | 7.817,99 (31-Aug) | 10.320,49 (07-Apr) | 8.088,63 (08-Feb) | | Minimum(Date) | 9.669,77 (01-Aug) | 9.357,69 (18-Jul) | 7.587,79 (01-Aug) | 8.602,04 (02-Jan) | 7.398,43 (08-Jun) | | Price Range % (2) | 3,13% | 3,32% | 3,03% | 19,98% | 9,33% | Legend: (1) Annually adjusted volatility=Standard deviation of daily returns ´ Ö250
(2) Price Range % = (Maximum-Minimum)/Minimum. Maximum and Minimum refer to closing prices. Table 3 –PSI-20 Portfolio (month end) | Shares | Aug 2006 | Jul 2006 | Aug 2005 | Monthly D | Yearly
D | | TELECOM-N. | 19,784% | 20,195% | 17,959% | -0,411 p.p | 1,824 p.p | | E.D.P.NOM. | 19,363% | 19,694% | 18,692% | -0,331 p.p | 0,671 p.p | | BCP....NPR | 17,262% | 16,672% | 19,827% | 0,59 p.p | -2,565 p.p | | BES.NPR | 9,552% | 9,438% | 8,805% | 0,114 p.p | 0,747 p.p | | BANCO BPI | 8,855% | 9,029% | 7,406% | -0,174 p.p | 1,449 p.p | | BRISA-PRIV | 6,895% | 7,042% | 8,296% | -0,147 p.p | -1,401 p.p | | CIMPORSGPS | 4,256% | 4,335% | 3,452% | -0,079 p.p | 0,804 p.p | | SONAE SGPS | 4,143% | 4,038% | 5,674% | 0,105 p.p | -1,531 p.p | | PTMULT.NOM | 2,375% | 2,295% | 2,726% | 0,08 p.p | -0,351 p.p | | SONAE.IND. | 1,486% | 1,425% | - | 0,061 p.p | 1,486 p.p | | MOTAENGIL | 1,457% | 1,461% | 1,417% | -0,004 p.p | 0,04 p.p | | J.MARTINS | 1,400% | 1,373% | 1,657% | 0,027 p.p | -0,258 p.p | | SONAECOM | 0,729% | 0,704% | 0,518% | 0,025 p.p | 0,211 p.p | | ALTRI | 0,631% | 0,551% | 0,202% | 0,08 p.p | 0,43 p.p | | SEMAPA.NOM | 0,491% | 0,475% | 0,637% | 0,016 p.p | -0,146 p.p | | IMPRESA | 0,477% | 0,447% | 0,488% | 0,03 p.p | -0,011 p.p | | COFINA | 0,322% | 0,317% | 0,343% | 0,005 p.p | -0,021 p.p | | NOVABASE | 0,295% | 0,285% | - | 0,01 p.p | 0,295 p.p | | PARAREDE | 0,181% | 0,179% | 0,315% | 0,002 p.p | -0,134 p.p | | REDITUS | 0,046% | 0,044% | 0,060% | 0,002 p.p | -0,014 p.p | | MEDCAPITAL | - | - | 1,350% | 0 p.p | -1,35 p.p | | C.AMORIM | - | - | 0,177% | 0 p.p | -0,177 p.p | | TOTAL | 100% | 100% | 100% | - | - | Spot Market: Turnover and market capitalization Table 4 – Turnover in the Spot Secondary Market (Monthly Values) Unit: 10^6 Euro | | Aug 2006 | Jul 2006 | Aug 2005 | Monthly D | Yearly
D | | Regulated Markets | 9.908,6 | 10.796,0 | 9.720,8 | -8,2% | 1,9% | | Stock Exchange Markets | 2.608,6 | 3.063,5 | 2.470,8 | -14,8% | 5,6% | | Ordinary Sessions | 2.608,6 | 3.063,5 | 2.470,8 | -14,8% | 5,6% | | Bonds | 4,0 | 7,1 | 11,4 | -44,6% | -65,4% | | Shares | 2.600,7 | 3.048,9 | 2.424,3 | -14,7% | 7,3% | | Participation Bonds | 0,9 | 0,8 | 0,3 | 14,4% | 202,0% | | Investment Trust Units | 0,01 | 0,004 | 0,2 | 119,9% | -94,7% | | Rights | - | - | - | - | - | | Warrants | 2,6 | 2,8 | 23,9 | -7,4% | -89,3% | | Certificates | 0,5 | 3,8 | 3,0 | -87,5% | -83,9% | | Convertibles | 0,0 | 0,1 | 7,9 | -84,0% | -99,7% | | Extraordinary Sessions | - | - | - | - | - | | Special Public Debt Market | 7.300,0 | 7.732,5 | 7.250,0 | -5,6% | 0,7% | | Treasury Bonds | 6.520,0 | 6.492,5 | 5.900,0 | 0,4% | 10,5% | | Treasury Bills | 780,0 | 1.240,0 | 1.350,0 | -37,1% | -42,2% | | Non-Regulated Markets | 148,5 | 176,8 | 144,1 | -16,0% | 3,1% | | Unlisted Market (Euronext Lisbon) | 0,2 | 0,1 | 0,1 | 68,4% | 35,1% | | Shares | 0,2 | 0,1 | 0,1 | 153,9% | 24,2% | | Other securities | 0,0 | 0,0 | 0,0 | -52,0% | 290,9% | | EasyNextLisbon (Euronext Lisbon) (1) | 137,6 | 165,8 | 132,6 | -17,1% | 3,7% | | Bonds | 0,7 | 0,5 | - | 44,4% | - | | Warrants | 136,8 | 165,2 | 131,5 | -17,2% | 4,0% | | Certificates | 0,1 | 0,2 | 1,1 | -58,3% | -94,4% | | PEX (2) | 10,8 | 10,8 | 11,3 | -0,8% | -4,9% | | Off-Market (3) | 1.129,9 | 981,0 | 968,6 | 15,2% | 16,6% | | TOTAL | 11.187,0 | 11.953,8 | 10.833,6 | -6,4% | 3,3% | Legend: (1) EasyNext Lisbon was created on 01/10/2004.
(2) PEX was created on 19/09/2003.
(3) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refer to turnover. Table 5 – Turnover in the Spot Secondary Market (Accumulated Values) Unit: 10^6 Euro | | Jan-Aug 2006 | Jan-Aug 2005 | Yearly
D | | Regulated Markets | 125.565,5 | 108.801,9 | 15,4% | | Stock Exchange Markets | 36.747,5 | 19.964,4 | 84,1% | | Ordinary Sessions | 36.747,3 | 19.946,4 | 84,2% | | Bonds | 95,7 | 437,7 | -78,1% | | Shares | 36.281,0 | 19.240,6 | 88,6% | | Participation Bonds | 3,0 | 2,7 | 13,7% | | Investment Trust Units | 0,1 | 2,6 | -97,0% | | Rights | 195,8 | 0,0 | 762482,3% | | Warrants | 121,0 | 165,9 | -27,1% | | Certificates | 50,4 | 21,3 | 136,9% | | Convertibles | 0,2 | 75,5 | -99,8% | | Extraordinary Sessions | 0,22 | 18,0 | -98,8% | | Special Public Debt Market | 88.818,0 | 88.837,5 | 0,0% | | Treasury Bonds | 79.298,0 | 80.277,5 | -1,2% | | Treasury Bills | 9.520,0 | 8.560,0 | 11,2% | | Non-Regulated Markets | 1.597,6 | 726,6 | 119,9% | | Unlisted Market (Euronext Lisbon) | 2,9 | 8,5 | -66,3% | | Shares | 1,4 | 8,4 | -83,1% | | Other securities | 1,4 | 0,1 | 1081,5% | | EasyNextLisbon (Euronext Lisbon) (1) | 1.494,1 | 654,1 | 128,4% | | Bonds | 4,2 | - | - | | Warrants | 1.481,6 | 622,9 | 137,9% | | Certificates | 8,3 | 31,3 | -73,4% | | PEX (2) | 100,6 | 64,0 | 57,4% | | Off-Market (3) | 10.981,3 | 16.164,1 | -32,1% | | TOTAL | 138.144,4 | 125.692,6 | 9,9% | Legend: (1) EasyNext Lisbon was created on 01/10/2004.
(2) PEX was created on 19/09/2003.
(3) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refer to turnover. Table 6 – Extraordinary Sessions There were no Extraordinary Sessions this month Table 7 – Market Capitalization (Euronext Lisbon) Unit: 10^6 Euro | Market Segment | Aug 2006 | Jul 2006 | Aug 2005 | Dec 2005 | Monthly D | Yearly
D | In the year D | | Regulated Markets | 227.470,7 | 223.188,2 | 174.170,1 | 176.914,0 | 1,9% | 30,6% | 28,6% | | Bonds | 58.626,2 | 58.665,4 | 53.256,6 | 43.596,3 | -0,1% | 10,1% | 34,5% | | Shares | 168.345,7 | 164.018,9 | 118.867,0 | 132.711,3 | 2,6% | 41,6% | 26,9% | | Participation Bonds | 57,6 | 57,5 | 82,0 | 57,7 | 0,2% | -29,8% | -0,3% | | Investment Trust Units | 48,1 | 62,2 | 146,1 | 48,1 | -22,7% | -67,1% | 0,0% | | Rights | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 16,5 | 17,1 | 741,8 | 157,8 | -3,6% | -97,8% | -89,5% | | Certificates | 368,0 | 357,3 | 348,6 | 342,8 | 3,0% | 5,6% | 7,4% | | Convertibles | 8,6 | 9,9 | 728,0 | 0,0 | -13,2% | -98,8% | - | | Non-Regulated Markets | 1.898,4 | 1.213,8 | 773,3 | 946,4 | 56,4% | 145,5% | 100,6% | | Bonds | 391,4 | 239,7 | 10,1 | 10,1 | 63,3% | 3782,7% | 3775,0% | | Shares | 556,0 | 211,1 | 232,3 | 235,4 | 163,4% | 139,4% | 136,2% | | Warrants | 809,9 | 592,9 | 490,2 | 585,2 | 36,6% | 65,2% | 38,4% | | Certificates | 126,0 | 155,2 | 40,7 | 115,7 | -18,8% | 209,3% | 8,9% | | Other securities | 406,4 | 254,7 | 10,1 | 10,1 | 59,6% | 39,31545 | 39,235618 | | TOTAL | 229.369,1 | 224.402,1 | 174.943,5 | 177.860,4 | 2,2% | 31,1% | 29,0% | Forward Market Table 8 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Aug 2006 | Jul 2006 | Aug 2005 | Monthly D | Yearly
D | | Futures PSI-20 | n.a. | 6,3 | 1,6 | - | - | | Futures on Shares | n.a. | 6,0 | 6,9 | - | - | | Total Futures (1) | n.a. | 12,3 | 8,5 | - | - | | Options PSI-20 | - | - | - | - | - | | Options on Shares | - | - | - | - | - | | Total Options | - | - | - | - | - | Legend: (1) Amounts determined based on the business price. Table 9 – Turnover in the Forward Market (Accumulated) Unit: 10^6 Euro | | Jan-Aug 2006 | Jan-Aug 2005 | Yearly D | | Futures PSI-20 | n.a. | 247,2 | - | | Futures on Shares | n.a. | 61,6 | - | | Total Futures (1) | n.a. | 308,8 | - | | Options PSI-20 | - | - | - | | Options on Shares | - | - | - | | Total Options | - | - | - | Legend: (1) Amounts determined based on the business price. Asset Management: CIS and property investment funds Table 10 – Asset Management (Data refers to the previous month) | | 31-07-2006 | 30-06-2006 | 31-07-2005 | 31-12-2005 | Monthly D | Yearly D | In the year D | | CIS | | | | | | | | | No. of Funds | 254 | 250 | 238 | 242 | 4 | 16 | 12 | | Net Asset Value (10^6 Euro) | 28.556,2 | 28.713,9 | 26.012,8 | 28.290,0 | -0,5% | 9,8% | 0,9% | | Property Investment Funds | | | | | | | | | No. of Funds | 111 | 105 | 73 | 82 | 6 | 38 | 29 | | Net Asset Value (10^6 Euro) | 8.845,1 | 8.744,9 | 7.689,2 | 8.164,1 | 1,1% | 15,0% | 15,0% | Legend: CIS (Collective Investment Schemes)=Collective Investment Undertakings in Transferable Securities and Special Investment Funds.
[1] The data contained herein is from Dathis, Euronext Lisbon, MTS-Portugal, OPEX and the CMVM (CIS and Property Investment Funds). The information refers to 2006-09-01. The monthly variation (D monthly) refers to the comparison between the month being analysed and the previous month, annual variation (D annual) the month being analysed and the homologous one, and in the year variation (D in the year) variation value at the end of the current month and the end of the previous year.
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