Portuguese Capital Markets Benchmarks
In April, the PSI-20 Share Index depreciated by 2.0% compared to March, reaching 10,052.90 points. In absolute terms, the annual volatility of said Index dropped by 5.04 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 decreased 3.5% in comparison with March reaching €19,145.9 million. This decrease is explained by the conduct of Shares in Regulated markets, whose trades decreased -47.6% in comparison to the previous month. In MEDIP, turnover in Government bonds rose (+20.3%). The gain in Off-Market trades (+135.2%) compensated, although only partially, the drop in turnover of the Stock Markets. On an accumulated basis, the first four months of 2006 showed a significant growth in comparison to the corresponding period (+25.5%), boosted by a trade increase in the Regulated markets (+30.2%).
The market capitalisation of Euronext Lisbon reached €235,103.6 million, which corresponds to a monthly increase of 2.3%. The Bond sector of the Regulated markets had a considerable monthly growth (+9.2%).
The value traded in the Futures market dropped, particularly in the Contracts sector on the PSI-20 Index.
In the Undertakings for Collective Investment in Transferable Securities and Special Investment Fund industry[1], the net asset value under management rose 1.9% compared to March. Furthermore, the net asset value of Real Estate Funds also gained 1.6% [1]. Lisbon, 2 May 2006
Table 1 –PSI-20 Index (Values and variation) | | Apr 2006 | Mar 2006 | Apr 2005 | Dec 2005 | monthly D | yearly D | in the year D | | PSI-20 (Closing price) | 10.052,9 | 10.262,6 | 7.607,8 | 8.618,7 | -2,0% | 32,1% | 16,6% |
Table 2 –PSI-20 Index (Volatility) | | Monthly Values | Accumulated Values | | PSI-20 | Apr 2006 | Mar 2006 | Apr 2005 | Jan-Apr 2006 | Jan-Apr 2005 | | Volatility (1) | 6,42% | 11,46% | 9,98% | 11,24% | 8,36% | | Maximum(Date) | 10.320,49 (07-Abr) | 10.295,03 (30-Mar) | 7.897,77 (13-Abr) | 10.320,49 (07-Abr) | 8.088,63 (08-Fev) | | Minimum(Date) | 10.052,90 (28-Abr) | 9.492,50 (03-Mar) | 7.607,81 (29-Abr) | 8.602,04 (02-Jan) | 7.604,73 (03-Jan) | | Price Range % (2) | 2,66% | 8,45% | 3,81% | 19,98% | 6,36% | Legend: (1) Annually adjusted volatility=Standard deviation of daily returns ´ Ö250
(2) Price Range % = (Maximum-Minimum)/Minimum. Maximum and Minimum refer to close prices. Table 3 –PSI-20 Portfolio (month end) | Shares | Apr 2006 | Mar 2006 | Apr 2005 | monthly D | yearly D | | TELECOM-N. | 20,479% | 19,617% | 18,844% | 0,861 p.p | 0,774 p.p | | E.D.P.NOM. | 20,267% | 20,322% | 18,140% | -0,055 p.p | 2,182 p.p | | BCP....NPR | 18,218% | 19,118% | 19,933% | -0,9 p.p | -0,815 p.p | | BANCO BPI | 9,535% | 9,053% | 6,976% | 0,482 p.p | 2,077 p.p | | BRISA-PRIV | 7,534% | 7,083% | 7,854% | 0,451 p.p | -0,771 p.p | | BES.NPR | 5,805% | 7,317% | 9,249% | -1,512 p.p | -1,932 p.p | | CIMPORSGPS | 4,678% | 4,501% | 3,400% | 0,177 p.p | 1,1 p.p | | SONAE SGPS | 4,532% | 4,376% | 5,790% | 0,156 p.p | -1,414 p.p | | PTMULT.NOM | 2,510% | 2,529% | 3,392% | -0,019 p.p | -0,864 p.p | | J.MARTINS | 1,510% | 1,455% | 1,762% | 0,055 p.p | -0,307 p.p | | MOTAENGIL | 1,501% | 1,403% | - | 0,098 p.p | 1,403 p.p | | SEMAPA.NOM | 0,882% | 0,840% | 0,663% | 0,042 p.p | 0,177 p.p | | IMPRESA | 0,537% | 0,558% | 0,817% | -0,021 p.p | -0,259 p.p | | SONAECOM | 0,504% | 0,482% | 0,634% | 0,022 p.p | -0,152 p.p | | ALTRI | 0,381% | 0,268% | - | 0,114 p.p | 0,268 p.p | | MEDCAPITAL | 0,359% | 0,345% | 1,060% | 0,015 p.p | -0,715 p.p | | COFINA | 0,341% | 0,313% | 0,401% | 0,028 p.p | -0,087 p.p | | PARAREDE | 0,206% | 0,206% | 0,385% | 0 p.p | -0,179 p.p | | NOVABASE | 0,171% | 0,166% | 0,204% | 0,005 p.p | -0,038 p.p | | REDITUS | 0,050% | 0,048% | 0,074% | 0,002 p.p | -0,027 p.p | | GESCARTAO | - | - | 0,247% | 0 p.p | -0,247 p.p | | C.AMORIM | - | - | 0,174% | 0 p.p | -0,174 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 | | Apr 2006 | Mar 2006 | Apr 2005 | monthly D | yearly D | | Regulated Markets | 15.707,0 | 18.275,6 | 11.688,9 | -14,1% | 34,4% | | Stock Exchange Markets | 3.757,0 | 7.163,1 | 2.413,9 | -47,6% | 55,6% | | Ordinary Sessions | 3.757,0 | 7.163,1 | 2.413,9 | -47,6% | 55,6% | | Bonds | 9,3 | 14,2 | 12,5 | -34,8% | -25,7% | | Shares | 3.726,9 | 7.107,5 | 2.372,2 | -47,6% | 57,1% | | Participation Bonds | 0,1 | 0,1 | 0,2 | 15,5% | -60,1% | | Investment Trust Units | - | 0,011 | 0,3 | - | - | | Rights | - | - | - | - | - | | Warrants | 17,2 | 35,0 | 16,4 | -50,7% | 5,1% | | Certificates | 3,5 | 6,3 | 1,7 | -44,0% | 107,7% | | Convertibles | - | - | 10,5 | - | - | | Extraordinary Sessions | - | - | - | - | - | | Special Public Debt Market | 11.950,0 | 11.112,5 | 9.275,0 | 7,5% | 28,8% | | Treasury Bonds | 11.140,0 | 9.262,5 | 8.435,0 | 20,3% | 32,1% | | Treasury Bills | 810,0 | 1.850,0 | 840,0 | -56,2% | -3,6% | | Non-Regulated Markets | 196,8 | 193,7 | 87,6 | 1,7% | 124,7% | | Unlisted Market (Euronext Lisbon) | 0,1 | 0,7 | 0,1 | -78,9% | 70,6% | | Shares | 0,1 | 0,3 | 0,1 | -58,4% | 65,7% | | Other securities | 0,0 | 0,3 | - | -98,8% | - | | EasyNextLisbon (Euronext Lisbon) (1) | 181,4 | 177,4 | 77,4 | 2,3% | 134,4% | | Bonds | 0,5 | 1,0 | - | -48,9% | - | | Warrants | 179,6 | 174,1 | 73,5 | 3,2% | 144,2% | | Certificates | 1,3 | 2,2 | 3,9 | -43,3% | -66,9% | | PEX (2) | 15,3 | 15,6 | 10,1 | -1,9% | 51,1% | | Off-Market (3) | 3.242,0 | 1.378,4 | 1.567,8 | 135,2% | 106,8% | | TOTAL | 19.145,9 | 19.847,6 | 13.344,3 | -3,5% | 43,5% | Legend: (1) EasyNext Lisbon was created in October 2004.
(2) PEX was created in September 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-Apr 2006 | Jan-Apr 2005 | yearly D | | Regulated Markets | 70.223,1 | 53.940,1 | 30,2% | | Stock Exchange Markets | 22.078,1 | 9.507,6 | 132,2% | | Ordinary Sessions | 22.078,1 | 9.507,6 | 132,2% | | Bonds | 40,5 | 99,4 | -59,3% | | Shares | 21.792,3 | 9.277,2 | 134,9% | | Participation Bonds | 1,2 | 1,8 | -35,2% | | Investment Trust Units | 0,0 | 1,5 | -97,6% | | Rights | 144,5 | - | - | | Warrants | 83,4 | 74,9 | 11,3% | | Certificates | 16,2 | 7,6 | 112,7% | | Convertibles | - | 45,2 | - | | Extraordinary Sessions | 0,02 | - | - | | Special Public Debt Market | 48.145,0 | 44.432,5 | 8,4% | | Treasury Bonds | 43.075,0 | 39.772,5 | 8,3% | | Treasury Bills | 5.070,0 | 4.660,0 | 8,8% | | Non-Regulated Markets | 775,1 | 298,1 | 160,0% | | Unlisted Market (Euronext Lisbon) | 1,3 | 1,0 | 30,2% | | Shares | 0,9 | 1,0 | -8,6% | | Other securities | 0,4 | 0,0 | 53999,3% | | EasyNextLisbon (Euronext Lisbon) (1) | 718,2 | 279,2 | 157,3% | | Bonds | 1,7 | - | - | | Warrants | 709,4 | 254,6 | 178,6% | | Certificates | 7,1 | 24,6 | -71,2% | | PEX (2) | 55,6 | 17,9 | 210,1% | | Off-Market (3) | 6.785,2 | 7.746,5 | -12,4% | | TOTAL | 77.783,4 | 61.984,7 | 25,5% | Legend: (1) EasyNext Lisbon was created in October 2004.
(2) PEX was created in September 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 | Apr 2006 | Mar 2006 | Apr 2005 | Dec 2005 | monthly D | yearly D | in the year D | | Regulated Markets | 233.941,8 | 228.745,7 | 165.167,4 | 176.914,0 | 2,3% | 41,6% | 32,2% | | Bonds | 68.229,7 | 62.497,5 | 51.190,7 | 43.596,3 | 9,2% | 33,3% | 56,5% | | Shares | 165.006,6 | 165.539,2 | 111.898,0 | 132.711,3 | -0,3% | 47,5% | 24,3% | | Participation Bonds | 57,5 | 57,4 | 122,0 | 57,7 | 0,2% | -52,9% | -0,4% | | Investment Trust Units | 62,3 | 62,3 | 243,2 | 48,1 | 0,0% | -74,4% | 29,6% | | Rights | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 206,4 | 211,9 | 591,8 | 157,8 | -2,6% | -65,1% | 30,8% | | Certificates | 379,2 | 377,4 | 406,4 | 342,8 | 0,5% | -6,7% | 10,6% | | Convertibles | 0,0 | 0,0 | 715,4 | 0,0 | - | -100,0% | - | | Non-Regulated Markets | 1.161,8 | 1.147,2 | 697,0 | 946,4 | 1,3% | 66,7% | 22,8% | | Bonds | 237,8 | 239,3 | 0,0 | 10,1 | -0,6% | - | 2254,8% | | Shares | 243,3 | 239,1 | 249,2 | 235,4 | 1,8% | -2,3% | 3,4% | | Warrants | 466,0 | 465,3 | 410,8 | 585,2 | 0,2% | 13,4% | -20,4% | | Certificates | 199,7 | 188,6 | 36,9 | 115,7 | 5,8% | 440,4% | 72,6% | | Other securities | 252,8 | 254,3 | 0,0 | 10,1 | -0,6% | - | 24,032709 | | TOTAL | 235.103,6 | 229.892,9 | 165.864,4 | 177.860,4 | 2,3% | 41,7% | 32,2% | Forward Market Table 8 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Apr 2006 | Mar 2006 | Apr 2005 | monthly D | yearly D | | Futures PSI-20 | 3,6 | 193,4 | 8,6 | -98,1% | -57,5% | | Futures on Shares | 10,5 | 38,3 | 7,3 | -72,5% | 43,3% | | Total Futures (1) | 14,2 | 231,7 | 15,9 | -93,9% | -11,1% | | 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-Apr 2006 | Jan-Apr 2005 | yearly D | | Futures PSI-20 | 234,4 | 136,2 | 72,0% | | Futures on Shares | 76,0 | 45,1 | 68,6% | | Total Futures (1) | 310,4 | 181,3 | 71,2% | | 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) | | 31-03-2006 | 28-02-2006 | 31-03-2005 | 31-12-2005 | monthly D | yearly D | in the year D | | CIS | | | | | | | | | No. of Funds | 248 | 243 | 228 | 242 | 5 | 20 | 6 | | Net Asset Value (10^6 Euro) | 28.925,1 | 28.374,6 | 25.279,8 | 28.290,0 | 1,9% | 14,4% | 2,2% | | Property Investment Funds | | | | | | | | | No. of Funds | 94 | 84 | 66 | 82 | 10 | 28 | 12 | | Net Asset Value (10^6 Euro) | 8.531,3 | 8.395,9 | 7.223,8 | 8.164,7 | 1,6% | 18,1% | 18,1% | 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 2006-05-02. 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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