Portuguese Capital Markets Benchmarks
In July 2007, the PSI-20 Share Index rose by 0.4% reaching 13,434.18 points by the end of the month. The annual volatility of said Index was lower than that of the previous month. The turnover in the Secondary Spot Market (33,956,6) maintained the same growth trend as that of May and June, having risen 43.9% compared to the previous month. This performance was due to the markets' growth, particularly the Regulated Markets (+35.3%) and the MEDIP (+89.3%), which resulted from +94% in Treasury Bonds. During the January to July period, overall transactions in the Secondary Market grew by 30.4%, apropos the identical 2006 period, particularly the growth on Shares in the Regulated Market (+83.6%) and Off-Market (+151.4%).
Market capitalisation increased by 1% in June and at end July, attained €276,040.1 million Euro. In comparison to previous months, this positive variation took place in the Regulated and Non-Regulated Markets. The only negative performance occurred in the bonds segment of the Non-Regulated Markets. In the Undertakings for Collective Investment in Transferable Securities and Special Investment Funds Industry[1], the net asset value under management rose 1.5% compared to May, and the number of active funds also increased (+3). Regarding the Real Estate Investment Funds and the Special Real Estate Investment Funds Industry[2], the net asset value of Funds rose slightly (+0.43%) in comparison to the previous month. The number of active funds also increased (+3) during the same period. Lisbon, 1 August 2007 Table 1 –PSI-20 Index (Values and variation) | | Jul 2007 | Jun 2007 | Jul 2006 | Dec 2006 | Monthly D | Yearly D | In the year D | | PSI-20
(Closing Price) | 13.434,18 | 13.384,87 | 9.665,43 | 11.197,59 | 0,4% | 39,0% | 20,0% |
Table 2 –PSI-20 Index (Volatility) | | Monthly Values | Accumulated Values | | PSI-20 | Jul 2007 | Jun 2007 | Jul 2006 | Jan-Jul 2007 | Jan-Jul 2006 | | Volatility (1) | 10,00% | 11,99% | 6,35% | 10,51% | 11,07% | | Maximum(Date) | 13.702,03 (17-Jul) | 13.433,42 (26-Jun) | 9.668,00 (28-Jul) | 13.702,03 (17-Jul) | 10.320,49 (07-Abr) | | Minimum(Date) | 13.248,15 (27-Jul) | 12.709,50 (07-Jun) | 9.357,69 (18-Jul) | 11.226,69 (02-Jan) | 8.602,04 (02-Jan) | | Price Range % (2) | 3,43% | 5,70% | 3,32% | 22,05% | 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 | Jul 2007 | Jun 2007 | Jul 2006 | Monthly D | Yearly D | | BCP....NPR | 14,854% | 21,543% | 16,672% | -6,689 p.p | -1,818 p.p | | TELECOM-N. | 14,793% | 16,640% | 20,195% | -1,847 p.p | -5,402 p.p | | E.D.P.NOM. | 14,682% | 18,247% | 19,694% | -3,565 p.p | -5,012 p.p | | BES.NPR | 11,347% | 9,498% | 9,438% | 1,849 p.p | 1,909 p.p | | BRISA-PRIV | 7,920% | 6,882% | 7,042% | 1,038 p.p | 0,878 p.p | | GALP-NOM | 7,204% | 4,423% | - | 2,782 p.p | 7,204 p.p | | SONAE SGPS | 5,670% | 4,841% | 4,038% | 0,829 p.p | 1,632 p.p | | BANCO BPI | 5,428% | 4,323% | 9,029% | 1,105 p.p | -3,601 p.p | | CIMPORSGPS | 4,510% | 4,061% | 4,335% | 0,449 p.p | 0,175 p.p | | J.MARTINS | 2,544% | 0,317% | 1,373% | 2,227 p.p | 1,171 p.p | | PTMULT.NOM | 1,926% | 2,121% | 2,295% | -0,196 p.p | -0,37 p.p | | PORTUCEL.N | 1,870% | 0,839% | - | 1,031 p.p | 1,87 p.p | | SONAE.IND. | 1,725% | 1,735% | 1,425% | -0,01 p.p | 0,3 p.p | | MOTAENGIL | 1,579% | 1,675% | 1,461% | -0,096 p.p | 0,118 p.p | | SONAECOM | 1,142% | 0,646% | 0,704% | 0,496 p.p | 0,438 p.p | | ALTRI | 1,012% | 1,012% | 0,551% | -0,001 p.p | 0,46 p.p | | IMPRESA | 0,618% | 0,200% | 0,447% | 0,418 p.p | 0,171 p.p | | SEMAPA.NOM | 0,605% | 0,569% | 0,475% | 0,037 p.p | 0,13 p.p | | COFINA | 0,300% | 0,214% | 0,317% | 0,086 p.p | -0,017 p.p | | S.COSTA | 0,271% | - | - | 0,271 p.p | 0,271 p.p | | NOVABASE | - | 0,214% | 0,285% | -0,214 p.p | -0,285 p.p | | PARAREDE | - | - | 0,179% | 0 p.p | -0,179 p.p | | REDITUS | - | - | 0% | 0 p.p | -0,044 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% | | Equity Certificates | 0,1 | 0,1 | 0,1 | -14,1% | -58,4% | | Investment 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/Notes | 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-Jul 2007 | Jan-Jul 2006 | Yearly D | | Regulated Markets | 138.960,4 | 115.655,4 | 20,2% | | Stock Exchange Markets | 62.625,9 | 34.137,4 | 83,5% | | Ordinary Sessions | 61.914,5 | 34.137,2 | 81,4% | | Bonds | 32,4 | 91,7 | -64,7% | | Shares | 61.820,3 | 33.678,8 | 83,6% | | Equity Certificates | 0,5 | 2,2 | -74,5% | | Investment Units | 0,1 | 0,1 | 50,6% | | Rights | 0,7 | 195,8 | -99,6% | | Warrants | 1,1 | 118,5 | -99,0% | | Certificates | 59,2 | 50,0 | 18,5% | | Convertibles | 0,1 | 0,1 | -33,3% | | Extraordinary Sessions | 711,4 | 0,2 | 316520,1% | | Special Public Debt Market | 76.334,5 | 81.518,0 | -6,4% | | Treasury Bond | 68.815,5 | 72.778,0 | -5,4% | | Treasury Bills/Notes | 7.519,0 | 8.740,0 | -14,0% | | Non-Regulated Markets | 1.821,5 | 1.449,1 | 25,7% | | Unlisted Market (Euronext Lisbon) | 40,8 | 2,7 | 1437,6% | | Shares | 40,8 | 1,2 | 3204,5% | | Other Securities | 0,1 | 1,4 | -95,0% | | EasyNextLisbon (Euronext Lisbon) (1) | 1.504,0 | 1.356,5 | 10,9% | | Bonds | 67,5 | 3,5 | 1820,7% | | Warrants | 1.430,6 | 1.344,8 | 6,4% | | Certificates | 6,0 | 8,2 | -27,2% | | PEX (2) | 276,7 | 89,9 | 207,8% | | Off-Market (3) | 24.771,3 | 9.853,1 | 151,4% | | TOTAL | 165.553,2 | 126.957,6 | 30,4% | 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 | | 09-07-2007 | REN - REDES ENERGÉTICAS NACIONAIS,SGPS, SA | PARPÚBLICA - PARTICIPAÇÕES PÚBLICAS, SGPS, SA | OPV | Acções | 216,54 | | 23-07-2007 | GRUPO MEDIA CAPITAL, SGPS, SA | VERTIX - SGPS, S.A. | OPA | Acções | 144,92 |
Table 7 - Market Capitalization (Euronext Lisbon) Unit: 10^6 Euro | Market Segment | Jul 2007 | Jun 2007 | Jul 2006 | Dec 2006 | Monthly D | Yearly D | in the year D | | Regulated
Markets | 273.842,6 | 271.412,4 | 223.188,2 | 236.584,4 | 0,9% | 22,7% | 15,7% | | Bonds | 59.336,6 | 58.981,8 | 58.665,4 | 35.533,4 | 0,6% | 1,1% | 67,0% | | Shares | 214.333,0 | 212.258,1 | 164.018,9 | 200.586,8 | 1,0% | 30,7% | 6,9% | | Equity Certificates | 28,1 | 28,1 | 57,5 | 57,8 | 0,0% | -51,1% | -51,4% | | Investment Units | 48,0 | 48,0 | 62,2 | 48,0 | 0,0% | -22,8% | 0,0% | | Rights | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 0,0 | 0,0 | 17,1 | 1,9 | - | -100,0% | -100,0% | | Certificates | 87,0 | 87,0 | 357,3 | 347,1 | 0,0% | -75,7% | -74,9% | | Convertibles | 10,0 | 9,5 | 9,9 | 9,4 | 4,7% | 0,4% | 6,4% | | Non-
Regulated
Markets | 2.197,4 | 1.884,5 | 1.213,8 | 1.701,4 | 16,6% | 81,0% | 29,2% | | Bonds | 561,3 | 646,4 | 239,7 | 397,0 | -13,2% | 134,2% | 41,4% | | Shares | 351,1 | 313,7 | 211,1 | 434,2 | 11,9% | 66,3% | -19,1% | | Warrants | 1.158,6 | 812,8 | 592,9 | 790,7 | 42,5% | 95,4% | 46,5% | | Certificates | 126,3 | 111,6 | 155,2 | 79,5 | 13,2% | -18,6% | 58,9% | | Other Securities | 0,0 | 0,0 | 15,0 | 0,0 | - | -1 | - | | TOTAL | 276.040,1 | 273.296,9 | 224.402,1 | 238.285,8 | 1,0% | 23,0% | 15,8% |
Forward Market
Table 8 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Jul 2007 | Jun 2007 | Jul 2006 | Monthly D | Yearly D | | Futures PSI-20 | n/a | 230,3 | 6,3 | n/a | n/a | | Futures on Shares | n/a | 32,4 | 6,0 | n/a | n/a | | Total Futures (1) | n/a | 262,7 | 12,3 | n/a | n/a | | 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-Jul 2007 | Jan-Jul 2006 | Yearly D | | Futures PSI-20 | n/a | 428,6 | n/a | | Futures on Shares | n/a | 121,7 | n/a | | Total Futures (1) | n/a | 550,3 | 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) | | 30-06-2007 | 31-05-2007 | 30-06-2006 | 31-12-2006 | Monthly D | Yearly D | In the Year D | | CIS | | | | | | | | | No. of Funds | 280 | 277 | 250 | 263 | 3 | 30 | 17 | | Net Asset Value (10^6 Euro) | 30.144,3 | 29.692,7 | 28.713,9 | 29.137,7 | 1,5% | 5,0% | 3,5% | | Property
Investment
Funds and
FEII | | | | | | | | | No. of Funds | 190 | 187 | 105 | 181 | 3 | 85 | 9 | | Net Asset Value (10^6 Euro) | 10.098,7 | 10.055,3 | 8.744,9 | 9.759,1 | 0,43% | 15,5% | 3,5% | Legend: CIS (Collective Investment Schemes)=Collective Investment Undertakings in Transferable Securities and Special Investment Funds. FEII=Special Property Investment Funds.
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