Portuguese Capital Markets Benchmarks
In February 2007, the PSI-20 Share Index rose 1.1% in comparison to the previous month, reaching 11,693.02 points. The annual volatility of said Index was higher than January 2007, but lower than the corresponding period in the previous year. The turnover in the Spot Secondary Market reached 20,158 million, down 6% in comparison with the previous month, correcting the gain of 81.7% in January. This drop was a result of the behaviour of Regulated Markets (-3.8%), Non-Regulated Markets (-18.5%) and Off-Market (-18.1%). The most significant gain in the Regulated markets was in the turnover of Shares (+60.8%) which was not enough to compensate the drop in Treasury Bonds (-40.2%) and Treasury Bills (-39.5%). In the January to February period the total value of trades in the Secondary Market rose 7.2% with regard to the corresponding period, with the gain in Shares in the Regulated Market (+50.4%) being pertinent. The market capitalisation reached €258,004.5 million, representing an increase of 5.6% with regard to January and a gain of 22.3% compared to the corresponding month. This gain was due to the rise in the market capitalisation of the Regulated Markets (+5.5%), in particular Bonds (+40.6%) and the Non-Regulated Markets (+17.4%). In the Undertakings for Collective Investment in Transferable Securities and Special Investment Funds Industry[1], the net asset value under management fell -1.3% even though the number of active funds rose to 265 (+2). With regard to the Real Estate Investment Funds and the Special Real Estate Investment Funds Industry, the net asset value of Funds was up 1.3% [1] and the number of active funds (+2) in the same period. Lisbon, 2 March 2007 Table 1 –PSI-20 Index (Values and variation) | | Feb 2007 | Jan 2007 | Feb 2006 | Dec 2006 | Monthly D | Yearly D | In the year D | | PSI-20 (Closing price) | 11.693,0 | 11.565,1 | 9.476,8 | 11.197,6 | 1,1% | 23,4% | 4,4% |
Table 2 –PSI-20 Index (Volatility) | | Monthly Values | Accumulated Values | | PSI-20 | Feb 2007 | Jan 2007 | Feb 2006 | Jan-Feb 2007 | Jan-Feb 2006 | | Volatility (1) | 12,69% | 5,56% | 14,98% | 9,54% | 12,30% | | Maximum(Date) | 12.231,29 (20-Fev) | 11.630,87 (30-Jan) | 9.587,66 (27-Fev) | 12.231,29 (20-Fev) | 9.587,66 (27-Fev) | | Minimum(Date) | 11.626,59 (01-Fev) | 11.226,69 (02-Jan) | 8.785,56 (02-Fev) | 11.226,69 (02-Jan) | 8.602,04 (02-Jan) | | Price Range % (2) | 5,20% | 3,60% | 9,13% | 8,95% | 11,46% | 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 | Feb 2007 | Jan 2007 | Feb 2006 | Monthly D | Yearly D | | E.D.P.NOM. | 20,872% | 19,533% | 19,901% | 1,338 p.p | 0,97 p.p | | TELECOM-N. | 18,509% | 18,929% | 20,586% | -0,42 p.p | -2,077 p.p | | BCP....NPR | 16,229% | 16,894% | 19,601% | -0,665 p.p | -3,372 p.p | | BES.NPR | 9,118% | 9,705% | 7,276% | -0,587 p.p | 1,842 p.p | | BRISA-PRIV | 7,667% | 7,535% | 6,981% | 0,132 p.p | 0,686 p.p | | BANCO BPI | 4,767% | 4,702% | 7,553% | 0,065 p.p | -2,786 p.p | | SONAE SGPS | 4,246% | 4,480% | 4,563% | -0,234 p.p | -0,317 p.p | | CIMPORSGPS | 4,044% | 4,158% | 4,538% | -0,113 p.p | -0,493 p.p | | GALP-NOM | 3,521% | 3,252% | - | 0,269 p.p | - | | PTMULT.NOM | 2,175% | 2,091% | 2,757% | 0,085 p.p | -0,582 p.p | | SONAE.IND. | 1,618% | 1,498% | - | 0,12 p.p | - | | MOTAENGIL | 1,565% | 1,580% | 1,440% | -0,015 p.p | 0,125 p.p | | J.MARTINS | 1,502% | 1,594% | 1,508% | -0,092 p.p | -0,006 p.p | | ALTRI | 0,950% | 0,929% | 0,264% | 0,021 p.p | 0,687 p.p | | SONAECOM | 0,945% | 0,891% | 0,524% | 0,054 p.p | 0,422 p.p | | PORTUCEL.N | 0,841% | 0,838% | - | 0,003 p.p | - | | SEMAPA.NOM | 0,533% | 0,459% | 0,865% | 0,075 p.p | -0,332 p.p | | IMPRESA | 0,409% | 0,403% | 0,564% | 0,007 p.p | -0,154 p.p | | NOVABASE | 0,256% | 0,291% | 0,164% | -0,035 p.p | 0,092 p.p | | COFINA | 0,232% | 0,239% | 0,289% | -0,007 p.p | -0,057 p.p | | MEDCAPITAL | - | - | 0,357% | - | -0,357 p.p | | PARAREDE | - | - | 0,223% | - | -0,223 p.p | | REDITUS | - | - | 0,047% | - | -0,047 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 | | Feb 2007 | Jan 2007 | Feb 2006 | Monthly D | Yearly D | | Regulated Markets | 17.547,3 | 18.245,5 | 18.548,7 | -3,8% | -5,4% | | Stock Exchange Markets | 10.431,3 | 6.350,5 | 6.616,2 | 64,3% | 57,7% | | Ordinary Sessions | 10.176,8 | 6.333,8 | 6.616,2 | 60,7% | 53,8% | | Bonds | 6,7 | 2,8 | 9,2 | 138,8% | -27,3% | | Shares | 10.163,9 | 6.320,6 | 6.587,9 | 60,8% | 54,3% | | Participation Bonds | 0,1 | 0,1 | 0,2 | -39,3% | -53,2% | | Investment Trust Units | 0,01 | 0,004 | - | 62,7% | - | | Rights | 0,3 | - | - | - | - | | Warrants | 0,4 | 0,1 | 15,7 | 193,9% | -97,5% | | Certificates | 5,5 | 10,2 | 3,2 | -46,5% | 69,6% | | Convertibles | 0,0 | 0,0 | - | 586,4% | - | | Extraordinary Sessions | 254,55 | 16,7 | - | 1421,85% | - | | Special Public Debt Market | 7.116,0 | 11.895,0 | 11.932,5 | -40,2% | -40,4% | | Treasury Bonds | 6.610,0 | 11.058,0 | 10.812,5 | -40,2% | -38,9% | | Treasury Bills | 506,0 | 837,0 | 1.120,0 | -39,5% | -54,8% | | Non-Regulated Markets | 195,8 | 240,1 | 177,8 | -18,5% | 10,1% | | Unlisted Market (Euronext Lisbon) | 7,7 | 0,3 | 0,3 | 2498,4% | 2489,7% | | Shares | 7,6 | 0,2 | 0,3 | 3069,6% | 2626,8% | | Other Securities | 0,0 | 0,1 | 0,0 | -66,6% | 15,3% | | EasyNextLisbon (Euronext Lisbon) (1) | 150,2 | 193,9 | 164,6 | -22,5% | -8,8% | | Bonds | 3,3 | 3,2 | 0,2 | 2,3% | 1860,0% | | Warrants | 146,6 | 190,1 | 162,3 | -22,9% | -9,7% | | Certificates | 0,3 | 0,5 | 2,1 | -54,2% | -88,2% | | PEX (2) | 37,9 | 45,9 | 12,9 | -17,4% | 194,9% | | Off-Market (3) | 2.414,9 | 2.950,3 | 944,2 | -18,1% | 155,8% | | TOTAL | 20.158,0 | 21.435,9 | 19.670,7 | -6,0% | 2,5% | Legend: (1) EasyNext Lisbon was created on 01/10/2004.
(2) PEX was created on 19/09/2003.
(3) Off-Market data only refer to turnover of listed securities. Figures are provisional and are taken from the Dathis database.
Table 5 – Turnover in the Spot Secondary Market (Accumulated Values) Unit: 10^6 Euro
| | Jan-Feb 2007 | Jan-Feb 2006 | Yearly D | | Regulated Markets | 35.792,9 | 36.240,5 | -1,2% | | Stock Exchange Markets | 16.781,9 | 11.158,0 | 50,4% | | Ordinary Sessions | 16.510,6 | 11.158,0 | 48,0% | | Bonds | 9,4 | 17,0 | -44,4% | | Shares | 16.484,4 | 10.957,9 | 50,4% | | Participation Bonds | 0,2 | 1,0 | -80,6% | | Investment Trust Units | 0,0 | 0,0 | -55,6% | | Rights | 0,3 | 144,5 | -99,8% | | Warrants | 0,5 | 31,2 | -98,3% | | Certificates | 15,7 | 6,4 | 144,8% | | Convertibles | 0,1 | - | - | | Extraordinary Sessions | 271,28 | 0,0 | 1348188,5% | | Special Public Debt Market | 19.011,0 | 25.082,5 | -24,2% | | Treasury Bonds | 17.668,0 | 22.672,5 | -22,1% | | Treasury Bills | 1.343,0 | 2.410,0 | -44,3% | | Non-Regulated Markets | 435,9 | 384,6 | 13,3% | | Unlisted Market (Euronext Lisbon) | 8,0 | 0,5 | 1496,9% | | Shares | 7,9 | 0,5 | 1649,3% | | Other Securities | 0,1 | 0,0 | 50,7% | | EasyNextLisbon (Euronext Lisbon) (1) | 344,1 | 359,4 | -4,3% | | Bonds | 6,6 | 0,2 | 3776,9% | | Warrants | 336,8 | 355,7 | -5,3% | | Certificates | 0,8 | 3,6 | -77,5% | | PEX (2) | 83,8 | 24,7 | 239,5% | | Off-Market (3) | 5.365,2 | 2.164,8 | 147,8% | | TOTAL | 41.593,9 | 38.789,9 | 7,2% | Legend: (*) Equivalent to the number of shares of Gescartão exchanged (2,650,328) valued at the closing price of the session on 26-01-2007 . Table 6 – Extraordinary Sessions Unit: 10^6 Euro | Date | Target Company | Offeror | Type | Securities | Value | | 06-02-2007 | GRUPO MEDIA CAPITAL, SGPS, SA | VERTIX - SGPS, S.A. | OPA | Shares | 254,55 | Table 7 - Market Capitalization (Euronext Lisbon) Unit: 10^6 Euro | Market Segment | Feb 2007 | Jan 2007 | Feb 2006 | Dec 2006 | Monthly D | Yearly D | In the year D | | Regulated Markets | 255.657,8 | 242.385,2 | 209.275,8 | 236.584,4 | 5,5% | 22,2% | 8,1% | | Bonds | 49.237,7 | 35.009,2 | 47.791,3 | 35.533,4 | 40,6% | 3,0% | 38,6% | | Shares | 205.901,2 | 206.893,4 | 160.720,7 | 200.586,8 | -0,5% | 28,1% | 2,6% | | Participation Bonds | 57,9 | 57,8 | 57,8 | 57,8 | 0,1% | 0,1% | 0,2% | | Investment Trust Units | 52,8 | 62,2 | 48,0 | 48,0 | -15,1% | 10,0% | 10,0% | | Rights | 41,6 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 0,8 | 2,1 | 295,9 | 1,9 | -61,8% | -99,7% | -58,0% | | Certificates | 355,1 | 349,6 | 362,0 | 347,1 | 1,6% | -1,9% | 2,3% | | Convertibles | 10,7 | 10,9 | 0,0 | 9,4 | -1,7% | - | 14,0% | | Non-Regulated Markets | 2.346,7 | 1.998,5 | 1.679,9 | 1.701,4 | 17,4% | 39,7% | 37,9% | | Bonds | 465,0 | 475,4 | 225,9 | 397,0 | -2,2% | 105,9% | 17,1% | | Shares | 512,0 | 412,6 | 279,5 | 434,2 | 24,1% | 83,2% | 17,9% | | Warrants | 1.265,5 | 1.006,2 | 985,9 | 790,7 | 25,8% | 28,4% | 60,1% | | Certificates | 104,2 | 104,2 | 187,9 | 79,5 | 0,0% | -44,6% | 31,1% | | Other Securities | 465,0 | 475,4 | 226,6 | 397,0 | -2,2% | 1,05258 | 0,1713033 | | TOTAL | 258.004,5 | 244.383,6 | 210.955,7 | 238.285,8 | 5,6% | 22,3% | 8,3% |
Forward Market
Table 8 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Feb 2007 | Jan 2007 | Feb 2006 | Monthly D | Yearly D | | Futures PSI-20 | n/a | n/a | 9,6 | - | - | | Futures on Shares | n/a | n/a | 19,0 | - | - | | Total Futures (1) | n/a | n/a | 28,6 | - | - | | Options PSI-20 | - | - | - | - | - | | Options on Shares | - | - | - | - | - | | Total Options | - | - | - | - | - | Legend: (1) Amounts determined based on the business price. n/a = not available Table 9 – Turnover in the Forward Market (Accumulated) Unit: 10^6 Euro | | Jan-Feb 2007 | Jan-Feb 2006 | Yearly D | | Futures PSI-20 | n/a | 37,3 | - | | Futures on Shares | n/a | 27,2 | - | | Total Futures (1) | n/a | 64,5 | - | | Options PSI-20 | - | - | - | | Options on Shares | - | - | - | | Total Options | - | - | - | Legend: (1) Amounts determined based on the business price. n/a = not available
Asset Management: CIS and property investment funds Table 10 – Asset Management (Data refers to the previous month) | | 31-01-2007 | 31-12-2006 | 31-01-2006 | 31-12-2006 | Monthly D | Yearly D | In the year D | | CIS | | | | | | | | | No. of Funds | 265 | 263 | 243 | 263 | 2 | 22 | 2 | | Net Asset Value (10^6 Euro) | 28.753,0 | 29.137,7 | 28.086,7 | 29.137,7 | -1,3% | 2,4% | -1,3% | | Real Estate Investment Funds | | | | | | | | | No. of Funds | 183 | 181 | 84 | 181 | 2 | 99 | 2 | | Net Asset Value (10^6 Euro) | 9.880,9 | 9.757,6 | 8.334,0 | 9.757,6 | 1,3% | 18,6% | 1,3% | 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 2007-03-01. 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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