Portuguese Capital Markets Benchmarks
In June 2007, the PSI-20 Share Index rose by 1% having reached 13,384.87 points by the end of the month. The annual volatility of said Index was higher than that recorded in the previous month. The turnover in the Spot Secondary Market maintained the same growth trend as that of May, having risen 13.5% compared to the previous month. The said trend resulted from the growth in the Regulated Markets (+20.3%) and the Non-Regulated Markets (+42.5%) strongly counterbalancing the drop in the Off-Market (-49.7%). The Shares (+21.6%) and the Treasury Bonds (+34%) had a significant growth in the respective turnover. On an accumulated basis, in the first half of the year, the total value of trades in the Secondary Market rose by 14.3% in comparison with the corresponding period, with a notable gain in the Share trades on the Regulated Market (69.4%). The market capitalisation dropped 0.9% with regard to May, reaching €273,296.9 million at the end of June. Nevertheless, when compared to the corresponding periods market capitalisation gained 22.6%. In June, the market capitalisation of the Euronext Lisbon only rose in the Bonds sector of the Regulated Markets and the Certificates sector of the Non-Regulated Markets, overall taking into account that this growth was not sufficient in order to compensate the drop experienced in the Shares sector of the Regulated Markets. In the Undertakings for Collective Investment in Transferable Securities and Special Investment Funds Industry[1], the net asset value under management rose 1.3% compared to April, and also the number of active funds increased (+7). Regarding the Real Estate Investment Funds and the Special Real Estate Investment Funds Industry[2], the net asset value of Funds rose slightly (+0.59%) in comparison to the previous month. The number of active funds also increased (+1) in the same period. Lisbon, 2 July 2007 Table 1 –PSI-20 Index (Values and variation) | | Jun 2007 | May 2007 | Jun 2006 | Dec 2006 | Monthly D | Yearly D | In the year D | | PSI-20 (Closing price) | 13.384,87 | 13.256,56 | 9.502,94 | 11.197,59 | 1,0% | 40,8% | 19,5% |
Table 2 –PSI-20 Index (Volatility) | | Monthly Values | Accumulated Values | | PSI-20 | Jun 2007 | May 2007 | Jun 2006 | Jan-Jun 2007 | Jan-Jun 2006 | | Volatility (1) | 11,99% | 9,05% | 12,46% | 10,61% | 11,69% | | Maximum(Date) | 13.433,42 (26-Jun) | 13.256,56 (31-May) | 9.590,04 (07-Jun) | 13.433,42 (26-Jun) | 10.320,49 (07-Apr) | | Minimum(Date) | 12.709,50 (07-Jun) | 12.242,48 (02-May) | 9.199,97 (14-Jun) | 11.226,69 (02-Jan) | 8.602,04 (02-Jan) | | Price Range % (2) | 5,70% | 8,28% | 4,24% | 19,66% | 19,98% | 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 (End-period)
| Shares | Jun 2007 | May 2007 | Jun 2006 | Monthly D | Yearly D | | BCP....NPR | 21,543% | 19,788% | 16,991% | 1,755 p.p | 4,551 p.p | | E.D.P.NOM. | 18,247% | 19,036% | 20,275% | -0,789 p.p | -2,028 p.p | | TELECOM-N. | 16,640% | 16,981% | 19,479% | -0,342 p.p | -2,84 p.p | | BES.NPR | 9,498% | 9,901% | 8,993% | -0,402 p.p | 0,506 p.p | | BRISA-PRIV | 6,882% | 6,900% | 7,495% | -0,018 p.p | -0,613 p.p | | SONAE SGPS | 4,841% | 5,046% | 3,993% | -0,205 p.p | 0,849 p.p | | GALP-NOM | 4,423% | 4,107% | - | 0,316 p.p | 4,423 p.p | | BANCO BPI | 4,323% | 4,295% | 9,629% | 0,029 p.p | -5,306 p.p | | CIMPORSGPS | 4,061% | 4,278% | 4,481% | -0,217 p.p | -0,42 p.p | | PTMULT.NOM | 2,121% | 2,183% | 2,386% | -0,062 p.p | -0,265 p.p | | SONAE.IND. | 1,735% | 1,584% | - | 0,151 p.p | 1,735 p.p | | MOTAENGIL | 1,675% | 1,682% | 1,442% | -0,007 p.p | 0,233 p.p | | ALTRI | 1,012% | 1,006% | 0,397% | 0,006 p.p | 0,615 p.p | | PORTUCEL.N | 0,839% | 0,829% | - | 0,01 p.p | 0,839 p.p | | SONAECOM | 0,646% | 0,649% | 0,677% | -0,003 p.p | -0,03 p.p | | SEMAPA.NOM | 0,569% | 0,543% | 0,833% | 0,026 p.p | -0,264 p.p | | J.MARTINS | 0,317% | 0,327% | 1,434% | -0,01 p.p | -1,117 p.p | | NOVABASE | 0,214% | 0,225% | 0,155% | -0,011 p.p | 0,06 p.p | | COFINA | 0,214% | 0,229% | 0,313% | -0,015 p.p | -0,099 p.p | | IMPRESA | 0,200% | 0,411% | 0,457% | -0,211 p.p | -0,257 p.p | | MEDCAPITAL | - | - | 0,361% | 0 p.p | -0,361 p.p | | PARAREDE | - | - | 0,163% | 0 p.p | -0,163 p.p | | REDITUS | - | - | 0% | 0 p.p | -0,048 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 | | Jun 2007 | May 2007 | Jun 2006 | Monthly D | Yearly D | | Regulated Markets | 22.135,1 | 18.397,4 | 16.146,3 | 20,3% | 37,1% | | Stock Exchange Markets | 11.746,1 | 9.621,9 | 3.638,3 | 22,1% | 222,8% | | Ordinary Sessions | 11.697,1 | 9.621,9 | 3.638,3 | 21,6% | 221,5% | | Bonds | 4,9 | 6,0 | 9,2 | -19,0% | -46,8% | | Shares | 11.691,5 | 9.611,4 | 3.613,2 | 21,6% | 223,6% | | Participation Bonds | 0,1 | 0,1 | 0,1 | -14,1% | -58,4% | | Investment Trust Units | 0,01 | 0,001 | 0,0 | 442,4% | -76,6% | | Rights | - | - | 1,1 | - | - | | Warrants | 0,1 | 0,2 | 10,8 | -57,8% | -99,1% | | Certificates | 0,5 | 4,2 | 3,8 | -87,1% | -85,8% | | Convertibles | 0,014 | 0,004 | - | 279,5% | - | | Extraordinary Sessions | 49,00 | - | - | - | - | | Special Public Debt Market | 10.389,0 | 8.775,5 | 12.508,0 | 18,4% | -16,9% | | Treasury Bonds | 9.506,5 | 7.092,5 | 10.798,0 | 34,0% | -12,0% | | Treasury Bills | 882,5 | 1.683,0 | 1.710,0 | -47,6% | -48,4% | | Non-Regulated Markets | 316,7 | 222,2 | 204,4 | 42,5% | 54,9% | | Unlisted Market (Euronext Lisbon) | 0,2 | 21,2 | 0,3 | -99,0% | -16,8% | | Shares | 0,2 | 21,2 | 0,1 | -99,0% | 190,9% | | Other securities | - | - | 0,2 | - | - | | EasyNextLisbon (Euronext Lisbon) (1) | 274,9 | 155,5 | 194,9 | 76,8% | 41,0% | | Bonds | 13,8 | 6,1 | 0,4 | 125,4% | 3331,8% | | Warrants | 260,4 | 148,9 | 194,3 | 74,9% | 34,0% | | Certificates | 0,7 | 0,4 | 0,1 | 51,9% | 433,9% | | PEX (2) | 41,6 | 45,5 | 9,3 | -8,6% | 348,3% | | Off-Market (3) | 1.052,5 | 2.091,0 | 824,5 | -49,7% | 27,7% | | TOTAL | 23.504,3 | 20.710,6 | 17.175,2 | 13,5% | 36,9% | 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-Jun 2007 | Jan-Jun 2006 | Yearly D | | Regulated Markets | 109.005,7 | 104.860,9 | 4,0% | | Stock Exchange Markets | 52.337,2 | 31.075,4 | 68,4% | | Ordinary Sessions | 51.987,2 | 31.075,2 | 67,3% | | Bonds | 26,6 | 84,6 | -68,5% | | Shares | 51.898,9 | 30.631,4 | 69,4% | | Participation Bonds | 0,4 | 1,4 | -70,3% | | Investment Trust Units | 0,1 | 0,1 | 55,9% | | Rights | 0,7 | 195,8 | -99,6% | | Warrants | 1,1 | 115,7 | -99,0% | | Certificates | 59,2 | 46,2 | 28,3% | | Convertibles | 0,1 | - | - | | Extraordinary Sessions | 349,99 | 0,2 | 155659,8% | | Special Public Debt Market | 56.668,5 | 73.785,5 | -23,2% | | Treasury Bonds | 50.377,0 | 66.285,5 | -24,0% | | Treasury Bills | 6.291,5 | 7.500,0 | -16,1% | | Non-Regulated Markets | 1.371,9 | 1.272,3 | 7,8% | | Unlisted Market (Euronext Lisbon) | 40,6 | 2,5 | 1502,2% | | Shares | 40,6 | 1,2 | 3385,5% | | Other securities | 0,1 | 1,4 | -94,8% | | EasyNextLisbon (Euronext Lisbon) (1) | 1.109,6 | 1.190,7 | -6,8% | | Bonds | 38,4 | 3,0 | 1164,6% | | Warrants | 1.066,0 | 1.179,5 | -9,6% | | Certificates | 5,1 | 8,1 | -36,6% | | PEX (2) | 221,6 | 79,1 | 180,4% | | Off-Market (3) | 21.121,9 | 8.870,4 | 138,1% | | TOTAL | 131.499,4 | 115.003,6 | 14,3% | 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 6 – Extraordinary Sessions
Unit: 10^6 Euro
| Date | Target Company | Offeror | Type | Securities | Value | | 25-06-2007 | MARTIFER, SGPS, SA | | OPS | Shares | 49,00 |
Table 7 - Market Capitalization (Euronext Lisbon) Unit: 10^6 Euro | Market Segment | Jun 2007 | May 2007 | Jun 2006 | Dec 2006 | Monthly D | Yearly D | In the year D | | Regulated Markets | 271.412,4 | 273.370,0 | 221.636,3 | 236.584,4 | -0,7% | 22,5% | 14,7% | | Bonds | 58.981,8 | 55.010,3 | 62.812,3 | 35.533,4 | 7,2% | -6,1% | 66,0% | | Shares | 212.258,1 | 217.802,1 | 158.336,1 | 200.586,8 | -2,5% | 34,1% | 5,8% | | Participation Bonds | 28,1 | 28,1 | 57,6 | 57,8 | 0,0% | -51,3% | -51,4% | | Investment Trust Units | 48,0 | 48,1 | 48,1 | 48,0 | -0,2% | -0,2% | 0,0% | | Rights | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 0,0 | 0,9 | 24,7 | 1,9 | -100,0% | -100,0% | -100,0% | | Certificates | 87,0 | 470,4 | 357,5 | 347,1 | -81,5% | -75,7% | -74,9% | | Convertibles | 9,5 | 10,2 | 0,0 | 9,4 | -7,0% | - | 1,6% | | Non-Regulated Markets | 1.884,5 | 2.365,7 | 1.254,7 | 1.701,4 | -20,3% | 50,2% | 10,8% | | Bonds | 646,4 | 648,4 | 237,7 | 397,0 | -0,3% | 171,9% | 62,8% | | Shares | 313,7 | 363,9 | 237,1 | 434,2 | -13,8% | 32,3% | -27,8% | | Warrants | 812,8 | 1.242,2 | 580,8 | 790,7 | -34,6% | 40,0% | 2,8% | | Certificates | 111,6 | 111,2 | 184,1 | 79,5 | 0,3% | -39,4% | 40,4% | | Other securities | 0,0 | 0,0 | 15,0 | 0,0 | - | -1 | - | | TOTAL | 273.296,9 | 275.735,8 | 222.891,0 | 238.285,8 | -0,9% | 22,6% | 14,7% |
Forward Market
Table 8 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Jun 2007 | May 2007 | Jun 2006 | Monthly D | Yearly D | | Futures PSI-20 | 230,3 | 17,5 | 162,3 | 1217,6% | 41,9% | | Futures on Shares | 32,4 | 2,1 | 19,5 | 1470,8% | 66,2% | | Total Futures (1) | 262,7 | 19,5 | 181,9 | 1244,3% | 44,5% | | 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-Jun 2007 | Jan-Jun 2006 | Yearly D | | Futures PSI-20 | n/a | 422,3 | n/a | | Futures on Shares | n/a | 115,7 | n/a | | Total Futures (1) | n/a | 538,0 | n/a | | 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) | | 31-05-2007 | 30-04-2007 | 31-05-2006 | 31-12-2006 | Monthly D | Yearly D | In the year D | | CIS | | | | | | | | | No. of Funds | 277 | 270 | 251 | 263 | 7 | 26 | 14 | | Net Asset Value (10^6 Euro) | 29.692,7 | 29.323,7 | 28.469,7 | 29.137,7 | 1,3% | 4,3% | 1,9% | | Real Estate Investment Funds and FEII | | | | | | | | | No. of Funds | 187 | 186 | 102 | 181 | 1 | 85 | 6 | | Net Asset Value (10^6 Euro) | 10.055,2 | 9.995,9 | 8.649,5 | 9.759,1 | 0,59% | 16,3% | 3,0% | Legend: CIS (Collective Investment Schemes)=Collective Investment Undertakings in Transferable Securities and Special Investment Funds.
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