Portuguese Capital Markets Benchmarks
In July, the PSI-20 Share Index gained by 1.7% compared to June, reaching 9,665.43 points. The annual volatility of said Index dropped by 6.11 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 June reaching €11,928.7 million. This decrease is explained by the conduct of Shares in Regulated markets, whose trades decreased -16.3% in comparison to the previous month and by MEDIP where, also, the turnover in Government bonds decreased (-39.9%) and Treasury bills (-27.5%). On an accumulated basis, the period from January to July 2006, showed correspondingly a significant growth (+10.5%), boosted by a trade increase of Shares in Regulated markets (+100.1%). The market capitalisation of Euronext Lisbon reached €224,402.1 million, 0.7% more than the end of June. The Share and Investment Units sectors of the Regulated markets increased 3.6% and 29.3%, respectively, thereby justifying the increase registered. The monthly turnover in the futures market fell (-93.2%), particularly in the Contracts sector on the PSI-20 Index. On an accumulated basis, the period from January to July, showed a growth of 83.3% compared to the corresponding period. In the Undertakings for Collective Investment in Transferable Securities and Special Investment Funds industry[1], the net asset value under management increased 0.9% compared to May. 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 (+2). Lisbon, 2 August 2006 Table 1 –PSI-20 Index (Values and variation) | | Jul 2006 | Jun 2006 | Jul 2005 | Dec 2005 | monthly D | yearly D | in the year D | | PSI-20 (Closing price) | 9.665,4 | 9.502,9 | 7.595,8 | 8.618,7 | 1,7% | 27,2% | 12,1% |
Table 2 –PSI-20 Index (Volatility) | | Monthly Values | Accumulated Values | | PSI-20 | Jul 2006 | Jun 2006 | Jul 2005 | Jan-Jul 2006 | Jan-Jul 2005 | | Volatility (1) | 6,35% | 12,46% | 6,52% | 11,07% | 8,37% | | Maximum(Date) | 9.668,00 (28-Jul) | 9.590,04 (07-Jun) | 7.598,84 (28-Jul) | 10.320,49 (07-Abr) | 8.088,63 (08-Fev) | | Minimum(Date) | 9.357,69 (18-Jul) | 9.199,97 (14-Jun) | 7.442,64 (15-Jul) | 8.602,04 (02-Jan) | 7.398,43 (08-Jun) | | Price Range % (2) | 3,32% | 4,24% | 2,10% | 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 | Jul 2006 | Jun 2006 | Jul 2005 | monthly D | yearly D | | TELECOM-N. | 20,195% | 19,479% | 18,898% | 0,715 p.p | 0,581 p.p | | E.D.P.NOM. | 19,694% | 20,275% | 18,569% | -0,581 p.p | 1,706 p.p | | BCP....NPR | 16,672% | 16,991% | 19,757% | -0,319 p.p | -2,766 p.p | | BES.NPR | 9,438% | 8,993% | 8,762% | 0,446 p.p | 0,231 p.p | | BANCO BPI | 9,029% | 9,629% | 7,209% | -0,6 p.p | 2,42 p.p | | BRISA-PRIV | 7,042% | 7,495% | 7,860% | -0,453 p.p | -0,365 p.p | | CIMPORSGPS | 4,335% | 4,481% | 3,508% | -0,146 p.p | 0,973 p.p | | SONAE SGPS | 4,038% | 3,993% | 5,381% | 0,045 p.p | -1,388 p.p | | PTMULT.NOM | 2,295% | 2,386% | 2,960% | -0,091 p.p | -0,574 p.p | | MOTAENGIL | 1,461% | 1,442% | 1,388% | 0,019 p.p | 0,054 p.p | | SONAE.IND. | 1,425% | - | - | 1,425 p.p | 0 p.p | | J.MARTINS | 1,373% | 1,434% | 1,753% | -0,061 p.p | -0,319 p.p | | SONAECOM | 0,704% | 0,677% | 0,524% | 0,028 p.p | 0,153 p.p | | ALTRI | 0,551% | 0,397% | 0,143% | 0,154 p.p | 0,255 p.p | | SEMAPA.NOM | 0,475% | 0,833% | 0,646% | -0,358 p.p | 0,187 p.p | | IMPRESA | 0,447% | 0,457% | 0,517% | -0,01 p.p | -0,06 p.p | | COFINA | 0,317% | 0,313% | 0,344% | 0,004 p.p | -0,031 p.p | | NOVABASE | 0,285% | 0,155% | - | 0,131 p.p | 0,155 p.p | | PARAREDE | 0,179% | 0,163% | 0,272% | 0,016 p.p | -0,109 p.p | | REDITUS | 0,044% | 0,048% | 0,062% | -0,004 p.p | -0,014 p.p | | MEDCAPITAL | - | 0,361% | 1,268% | -0,361 p.p | -0,907 p.p | | C.AMORIM | - | - | 0,180% | 0 p.p | -0,18 p.p | | GESCARTAO | - | - | - | 0 p.p | 0 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 | | Jul 2006 | Jun 2006 | Jul 2005 | monthly D | yearly D | | Regulated Markets | 10.772,8 | 16.146,3 | 10.836,3 | -33,3% | -0,6% | | Stock Exchange Markets | 3.040,3 | 3.638,3 | 2.311,3 | -16,4% | 31,5% | | Ordinary Sessions | 3.040,3 | 3.638,3 | 2.293,3 | -16,4% | 32,6% | | Bonds | 7,2 | 9,2 | 8,6 | -21,9% | -16,7% | | Shares | 3.025,7 | 3.613,2 | 2.240,3 | -16,3% | 35,1% | | Participation Bonds | 0,8 | 0,1 | 0,2 | 464,5% | 293,6% | | Investment Trust Units | 0,00 | 0,026 | 0,1 | -84,2% | -97,1% | | Rights | - | 1,1 | 0,0 | - | - | | Warrants | 2,7 | 10,8 | 33,2 | -74,5% | -91,7% | | Certificates | 3,8 | 3,8 | 0,8 | -0,5% | 365,4% | | Convertibles | 0,1 | - | 10,0 | - | -98,6% | | Extraordinary Sessions | - | - | 18,0 | - | - | | Special Public Debt Market | 7.732,5 | 12.508,0 | 8.525,0 | -38,2% | -9,3% | | Treasury Bonds | 6.492,5 | 10.798,0 | 7.835,0 | -39,9% | -17,1% | | Treasury Bills | 1.240,0 | 1.710,0 | 690,0 | -27,5% | 79,7% | | Non-Regulated Markets | 176,5 | 204,4 | 103,4 | -13,7% | 70,7% | | Unlisted Market (Euronext Lisbon) | 0,1 | 0,3 | 0,1 | -54,3% | -6,8% | | Shares | 0,1 | 0,1 | 0,1 | -6,5% | -40,8% | | Other securities | 0,0 | 0,2 | 0,0 | -73,4% | 388,8% | | EasyNextLisbon (Euronext Lisbon) (1) | 165,5 | 194,9 | 91,7 | -15,1% | 80,4% | | Bonds | 0,5 | 0,4 | - | 17,7% | - | | Warrants | 164,9 | 194,3 | 89,2 | -15,1% | 85,0% | | Certificates | 0,2 | 0,1 | 2,6 | 18,8% | -94,2% | | PEX (2) | 10,8 | 9,3 | 11,5 | 16,7% | -5,8% | | Off-Market (3) | 979,3 | 824,5 | 2.516,6 | 18,8% | -61,1% | | TOTAL | 11.928,7 | 17.175,2 | 13.456,3 | -30,5% | -11,4% | 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-Jul 2006 | Jan-Jul 2005 | yearly D | | Regulated Markets | 115.633,8 | 99.081,0 | 16,7% | | Stock Exchange Markets | 34.115,8 | 17.493,5 | 95,0% | | Ordinary Sessions | 34.115,5 | 17.475,5 | 95,2% | | Bonds | 91,7 | 426,3 | -78,5% | | Shares | 33.657,2 | 16.816,3 | 100,1% | | Participation Bonds | 2,2 | 2,4 | -9,1% | | Investment Trust Units | 0,1 | 2,5 | -97,2% | | Rights | 195,8 | 0,0 | 762482,3% | | Warrants | 118,5 | 142,1 | -16,6% | | Certificates | 50,0 | 18,3 | 172,5% | | Convertibles | 0,1 | 67,7 | -99,8% | | Extraordinary Sessions | 0,22 | 18,0 | -98,8% | | Special Public Debt Market | 81.518,0 | 81.587,5 | -0,1% | | Treasury Bonds | 72.778,0 | 74.377,5 | -2,2% | | Treasury Bills | 8.740,0 | 7.210,0 | 21,2% | | Non-Regulated Markets | 1.448,8 | 582,5 | 148,7% | | Unlisted Market (Euronext Lisbon) | 2,7 | 8,3 | -68,1% | | Shares | 1,2 | 8,2 | -85,0% | | Other securities | 1,4 | 0,1 | 1122,6% | | EasyNextLisbon (Euronext Lisbon) (1) | 1.356,2 | 521,5 | 160,1% | | Bonds | 3,5 | - | - | | Warrants | 1.344,5 | 491,4 | 173,6% | | Certificates | 8,2 | 30,1 | -72,6% | | PEX (2) | 89,9 | 52,6 | 70,8% | | Off-Market (3) | 9.849,7 | 15.195,5 | -35,2% | | TOTAL | 126.932,3 | 114.859,0 | 10,5% | 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 | Jul 2006 | Jun 2006 | Jul 2005 | Dec 2005 | monthly D | yearly D | in the year D | | Regulated Markets | 223.188,2 | 221.636,3 | 175.174,8 | 176.914,0 | 0,7% | 27,4% | 26,2% | | Bonds | 58.665,4 | 62.812,3 | 52.322,6 | 43.596,3 | -6,6% | 12,1% | 34,6% | | Shares | 164.018,9 | 158.336,1 | 120.781,9 | 132.711,3 | 3,6% | 35,8% | 23,6% | | Participation Bonds | 57,5 | 57,6 | 82,0 | 57,7 | -0,2% | -29,9% | -0,4% | | Investment Trust Units | 62,2 | 48,1 | 146,1 | 48,1 | 29,3% | -57,4% | 29,3% | | Rights | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 17,1 | 24,7 | 792,6 | 157,8 | -30,5% | -97,8% | -89,1% | | Certificates | 357,3 | 357,5 | 349,7 | 342,8 | -0,1% | 2,2% | 4,2% | | Convertibles | 9,9 | 0,0 | 700,0 | 0,0 | - | -98,6% | - | | Non-Regulated Markets | 1.213,8 | 1.254,7 | 841,8 | 946,4 | -3,3% | 44,2% | 28,3% | | Bonds | 239,7 | 237,7 | 10,1 | 10,1 | 0,8% | 2278,6% | 2272,9% | | Shares | 211,1 | 237,1 | 240,2 | 235,4 | -11,0% | -12,1% | -10,3% | | Warrants | 592,9 | 580,8 | 550,4 | 585,2 | 2,1% | 7,7% | 1,3% | | Certificates | 155,2 | 184,1 | 41,1 | 115,7 | -15,7% | 277,2% | 34,1% | | Other securities | 254,7 | 252,7 | 10,1 | 10,1 | 0,8% | 24,27456 | 24,214503 | | TOTAL | 224.402,1 | 222.891,0 | 176.016,6 | 177.860,4 | 0,7% | 27,5% | 26,2% | Forward Market Table 8 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Jul 2006 | Jun 2006 | Jul 2005 | monthly D | yearly D | | Futures PSI-20 | 6,3 | 162,3 | 9,4 | -96,1% | -32,8% | | Futures on Shares | 6,0 | 19,5 | 2,0 | -69,3% | 198,9% | | Total Futures (1) | 12,3 | 181,9 | 11,4 | -93,2% | 7,9% | | 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-Jul 2006 | Jan-Jul 2005 | yearly D | | Futures PSI-20 | 428,6 | 245,6 | 74,5% | | Futures on Shares | 121,7 | 54,7 | 122,6% | | Total Futures (1) | 550,3 | 300,3 | 83,3% | | 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) | | 30-06-2006 | 31-05-2006 | 30-06-2005 | 31-12-2005 | monthly D | yearly D | in the year D | | CIS | | | | | | | | | No. of Funds | 250 | 251 | 234 | 242 | -1 | 16 | 8 | | Net Asset Value (10^6 Euro) | 28.714,0 | 28.469,7 | 25.984,7 | 28.290,0 | 0,9% | 10,5% | 1,5% | | Property Investment Funds | | | | | | | | | No. of Funds | 105 | 102 | 71 | 82 | 3 | 34 | 23 | | Net Asset Value (10^6 Euro) | 8.744,9 | 8.649,5 | 7.520,1 | 8.164,1 | 1,1% | 16,3% | 16,3% | 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 2006-08-01. 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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