Portuguese Capital Markets Benchmarks
In October 2005 the PSI-20 share index dropped 3.1% to 7,836.55 points. Turnover on the Secondary Spot Markets was 21,253.4 million Euro, representing a 29.5% increase on the figure for the previous month. This positive variation was above all due to the growth of the MEDIP (44.1%) and the Off Market segment (62.5%). However, the turnover on Non-Regulated Markets and Regulated Stock Markets fell by 13.8% and 22.5%, respectively. Annualised volatility was up 4.76% on the figure for September 2005; however, in accumulated terms it remained below the average level registered in the same period of 2004. Total market capitalisation was down 3.6% on the figure for September 2005. This drop was particularly salient on the Non-Regulated Markets (-8.8%). On the Regulated Markets, the fall in monthly market capitalisation in the Share (-2.1%), Bond (-6.7%) and Warrant (-24%) segments was particularly noteworthy. The value of trading in futures contracts on the Forward Market was down 81.2% in October, compared with the figure for the previous month. In accumulated terms, there was a 48.6% decrease in turnover during the first ten months of 2005, compared with the same period of 2004. In the Undertakings for Collective Investment in Transferable Securities industry and the Special Investment Fund industry (data relate to the month of September 2005), the value of assets managed rose by 3%, and the recent trend which had seen growth in the number of funds was reversed (5 fewer than in August 2005). The average size of assets being managed grew by 110.2 million Euro to 115.8 million Euro in September 2005. The real estate fund industry (data relate to the month of September 2005) registered growth of 1.6% in the Net Asset Value of funds, and the number of active funds also grew (3 more). Lisbon, 2 November 2005 PSI-20 Index Table 1 –PSI-20 Index (Values and variation) | | Oct 2005 | Sept 2005 | Oct 2004 | Dec 2004 | monthlyΔ | yearly Δ | in the year Δ | | PSI-20 (closing price) | 7.836,6 | 8.088,6 | 7.460,9 | 7.600,2 | -3,1% | 5,0% | 3,1% | Table 2 –PSI-20 Index (Volatility) | PSI-20 | Monthly Values | Accumulated Values | | Oct 2005 | Sept 2005 | Oct 2004 | Jan-Oct 2005 | Jan-Oct 2004 | | Volatility (1) | 10,55% | 5,79% | 8,63% | 8,29% | 10,98% | | Maximum(Date) | 8.172,08 (05-Oct) | 8.088,64 (30-Sept) | 7.509,17 (06-Oct) | 8.172,08 (05-Oct) | 7.952,52 (08-Mar) | | Minimum(Date) | 7.766,32 (28-Oct) | 7.814,78 (02-Sept) | 7.352,15 (26-Oct) | 7.398,43 (08-Jun) | 6.786,51 (07-Jan) | | Price Range % (2) | 5,22% | 3,50% | 2,14% | 10,46% | 17,18% | Legend:
(1) Annually adjusted volatility = standard deviation of daily returns x v 250
(2) Price Range % = (Maximum-Minimum) / Minimum. Maximum and Minimum refer to closing prices. Table 3 –PSI-20 Portfolio(month end) | Shares | Oct 2005 | Sept 2005 | Oct 2004 | monthlyΔ | yearly Δ | | E.D.P.NOM. | 19,302% | 18,383% | 15,242% | 0,918 p.p | 3,142 p.p | | BCP....NPR | 19,145% | 20,306% | 18,703% | -1,162 p.p | 1,603 p.p | | TELECOM-N. | 17,545% | 17,133% | 20,239% | 0,412 p.p | -3,106 p.p | | BES.NPR | 8,824% | 8,608% | 10,193% | 0,217 p.p | -1,585 p.p | | BRISA-PRIV | 7,916% | 8,355% | 8,742% | -0,439 p.p | -0,386 p.p | | BANCO BPI | 7,515% | 7,589% | 7,341% | -0,073 p.p | 0,247 p.p | | SONAE SGPS | 6,017% | 6,131% | 4,865% | -0,115 p.p | 1,267 p.p | | CIMPORSGPS | 3,369% | 3,330% | 3,208% | 0,04 p.p | 0,121 p.p | | PTMULT.NOM | 3,071% | 2,935% | 3,632% | 0,136 p.p | -0,697 p.p | | J.MARTINS | 1,686% | 1,630% | 1,472% | 0,055 p.p | 0,159 p.p | | MOTAENGIL | 1,377% | 1,484% | - | -0,107 p.p | 1,484 p.p | | MEDCAPITAL | 1,262% | 1,255% | 1,113% | 0,006 p.p | 0,142 p.p | | SEMAPA.NOM | 0,752% | 0,722% | 0,625% | 0,03 p.p | 0,097 p.p | | SONAECOM | 0,553% | 0,545% | 0,595% | 0,008 p.p | -0,05 p.p | | IMPRESA | 0,435% | 0,472% | 0,728% | -0,036 p.p | -0,256 p.p | | COFINA | 0,368% | 0,345% | 0,627% | 0,023 p.p | -0,282 p.p | | ALTRI | 0,310% | 0,218% | - | 0,092 p.p | 0,218 p.p | | PARAREDE | 0,294% | 0,294% | 0,289% | -0,001 p.p | 0,006 p.p | | C.AMORIM | 0,199% | 0,200% | 0,185% | -0,001 p.p | 0,014 p.p | | REDITUS | 0,061% | 0,063% | - | -0,002 p.p | 0,063 p.p | | PORTUCEL.N | - | - | 1,326% | 0 p.p | -1,326 p.p | | T.DUARTE | - | - | 0,601% | 0 p.p | -0,601 p.p | | GESCARTAO | - | - | 0,27% | 0 p.p | - | - Spot Market: Turnover and market capitalization Table 4 – Turnover in the Spot Secondary Market (Monthly Values) Unit: 10^6 Euro | | Oct 2005 | Sept 2005 | Oct 2004 | monthlyΔ | yearly Δ | | Regulated Markets | 19.946,0 | 15.561,4 | 12.066,6 | 28,2% | 65,3% | | Stock Exchange Markets | 2.880,5 | 3.716,4 | 2.144,1 | -22,5% | 34,3% | | Ordinary Sessions | 2.880,5 | 3.712,2 | 2.144,1 | -22,4% | 34,3% | | Bonds | 41,7 | 17,1 | 26,3 | 144,4% | 58,7% | | Shares | 2.810,7 | 3.662,0 | 1.967,9 | -23,2% | 42,8% | | Participation Bonds | 10,0 | 0,3 | 1,1 | 2776,6% | 824,8% | | Investment Trust Units | 0,3 | 0,1 | 1,4 | 258,5% | -82,3% | | Rights | - | - | 0,0 | - | - | | Warrants | 3,5 | 7,3 | 145,2 | -52,0% | -97,6% | | Certificates | 1,5 | 1,8 | 0,6 | -20,2% | 151,4% | | Convertibles | 12,8 | 23,6 | 1,6 | -45,6% | 689,7% | | Extraordinary Sessions | - | 4,2 | - | - | - | | Special Public Debt Market | 17.065,5 | 11.845,0 | 9.922,5 | 44,1% | 72,0% | | Treasury Bond | 16.025,5 | 10.455,0 | 9.052,5 | 53,3% | 77,0% | | Treasury Bills | 1.040,0 | 1.390,0 | 870,0 | -25,2% | 19,5% | | Non-Regulated Markets | 86,6 | 100,5 | 5,8 | -13,8% | 1387,5% | | Unlisted Market (Euronext Lisbon) | 0,1 | 0,2 | 0,5 | -71,9% | -87,1% | | Shares | 0,1 | 0,2 | 0,5 | -69,1% | -87,0% | | Other securities | - | 0,0 | 0,0 | - | - | | EasyNextLisbon (Euronext Lisbon) (1) | 80,9 | 90,8 | 4,4 | -11,0% | 1729,4% | | Warrants | 79,1 | 88,9 | 4,4 | -11,0% | 1690,5% | | Certificates | 1,7 | 2,0 | - | -11,8% | - | | PEX (2) | 5,7 | 9,4 | 0,9 | -39,8% | 499,6% | | Off-Market (3) | 1.220,9 | 751,3 | 1.631,4 | 62,5% | -25,2% | | TOTAL | 21.253,4 | 16.413,2 | 13.703,8 | 29,5% | 55,1% | 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 refers to turnover. Table 5 – Turnover in the Spot Secondary Market (Accumulated Values) | | Jan-Oct 2005 | Jan-Oct 2004 | yearly Δ | | Regulated Markets | 144.309,2 | 133.044,9 | 8,5% | | Stock Exchange Markets | 26.561,2 | 24.897,4 | 6,7% | | Ordinary Sessions | 26.539,0 | 24.489,5 | 8,4% | | Bonds | 496,5 | 565,9 | -12,3% | | Shares | 25.713,3 | 22.800,6 | 12,8% | | Participation Bonds | 13,0 | 4,8 | 168,7% | | Investment Trust Units | 3,0 | 7,9 | -62,8% | | Rights | 0,0 | 8,7 | -99,7% | | Warrants | 176,8 | 978,4 | -81,9% | | Certificates | 24,6 | 48,3 | -49,1% | | Convertibles | 111,9 | 75,0 | 49,3% | | Extraordinary Sessions | 22,2 | 407,9 | -94,6% | | Special Public Debt Market | 117.748,0 | 108.147,5 | 8,9% | | Treasury Bond | 106.758,0 | 97.357,5 | 9,7% | | Treasury Bills | 10.990,0 | 10.790,0 | 1,9% | | Non-Regulated Markets | 913,6 | 21,7 | 4113,8% | | Unlisted Market (Euronext Lisbon) | 8,7 | 15,3 | -42,7% | | Shares | 8,6 | 15,3 | -43,6% | | Other securities | 0,1 | 0,0 | 25106,9% | | EasyNextLisbon (Euronext Lisbon) (1) | 825,8 | 4,4 | 18585,1% | | Warrants | 790,9 | 4,4 | 17794,9% | | Certificates | 34,9 | - | - | | PEX (2) | 79,0 | 2,0 | 3832,5% | | Off-Market (3) | 18.136,3 | 15.402,0 | 17,8% | | TOTAL | 163.359,2 | 148.468,6 | 10,0% | Legend:
(1) Structured Market 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 refers to turnover. Table 6 – Market Capitalization (Euronext Lisbon) Unit: 10^6 Euro | Market Segment | Oct 2005 | Sept 2005 | Oct 2004 | Dec 2004 | monthly Δ | yearly Δ | in the year Δ | | Regulated Markets | 182.094,7 | 188.882,0 | 151.799,6 | 169.126,8 | -3,6% | 20,0% | 7,7% | | Bonds | 53.851,8 | 57.732,2 | 55.278,6 | 53.689,3 | -6,7% | -2,6% | 0,3% | | Shares | 126.617,7 | 129.333,3 | 94.378,4 | 112.724,4 | -2,1% | 34,2% | 12,3% | | Participation Bonds | 57,6 | 82,3 | 121,2 | 122,5 | -30,0% | -52,5% | -53,0% | | Investment Trust Units | 146,4 | 146,7 | 252,7 | 243,9 | -0,2% | -42,1% | -40,0% | | Rights | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Warrants | 370,0 | 486,9 | 705,6 | 1.258,0 | -24,0% | -47,6% | -70,6% | | Certificates | 354,1 | 360,0 | 394,0 | 413,8 | -1,6% | -10,1% | -14,4% | | Convertibles | 697,2 | 740,6 | 669,2 | 674,8 | -5,9% | 4,2% | 3,3% | | Non-Regulated Markets | 823,2 | 902,9 | 602,0 | 909,3 | -8,8% | 36,7% | -9,5% | | Shares | 224,0 | 217,6 | 380,8 | 539,4 | 2,9% | -41,2% | -58,5% | | Warrants | 547,1 | 631,8 | 221,3 | 369,9 | -13,4% | 147,3% | 47,9% | | Certificates | 0,0 | 0,0 | 0,0 | 0,0 | - | - | - | | Other securities | 52,1 | 53,6 | 0,0 | 0,0 | -2,8% | - | - | | TOTAL | 182.917,9 | 189.784,9 | 152.401,7 | 170.036,1 | -3,6% | 20,0% | 7,6% | - Forward Market Table 7 – Turnover in the Forward Market (Monthly) Unit: 10^6 Euro | | Oct 2005 | Sept 2005 | Oct 2004 | monthlyΔ | yearly Δ | | Futures PSI-20 | 14,3 | 98,0 | 19,2 | -85,4% | -25,4% | | Futures on Shares | 6,4 | 12,5 | 6,8 | -48,7% | -5,0% | | Total Futures (1) | 20,7 | 110,5 | 25,9 | -81,2% | -20,1% | | Options PSI-20 | - | - | - | - | - | | Options on Shares | - | - | - | - | - | | Total Options | - | - | - | - | - | Legend: (1) Amounts determined based on the business price Table 8 – Turnover in the Forward Market (Accumulated) Unit: 10^6 Euro | | Jan-Oct 2005 | Jan-Oct 2004 | yearly Δ | | Futures PSI-20 | 359,5 | 700,5 | -48,7% | | Futures on Shares | 80,5 | 155,7 | -48,3% | | Total Futures (1) | 440,0 | 856,1 | -48,6% | | 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 9 –Asset Management (Data refers to the previous month) | | 30-09-2005 | 31-08-2005 | 30-09-2004 | 31-12-2004 | monthly Δ | yearly Δ | in the year Δ | | CIS | | | | | | | | | No. of Funds | 235 | 240 | 222 | 224 | -5 | 13 | 11 | | Net Asset Value (10^6 Euro) | 27.233,4 | 26.441,5 | 23.788,8 | 24.415,2 | 3,0% | 14,5% | 11,5% | | Property Investment Funds | | | | | | | | | No. of Funds | 77 | 74 | 60 | 68 | 3 | 17 | 9 | | Net Asset Value (10^6 Euro) | 7.912,0 | 7.784,3 | 6.770,0 | 7.494,9 | 1,6% | 16,9% | 16,9% | 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 2005-11-04 . The monthly variation (Δ monthly) refers to the comparison between the month being analysed and the previous month, annual variation (Δ annual) the month being analysed and the homologous one, and in the year variation (Δ in the year) variation value at the end of the current month and the end of the previous year.
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