Börsipäev 14. veebruar

Investeerimine
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Baltic Morning News

Market calming down. After 3 days of high volatility, the market was somewhat calmer yesterday. Although Tallinn Stock Exchange closed down 1.0%, the overall picture was more mixed than before. Olympic and Eesti Telecom were up 1.8% and 0.9% respectively, while Eesti Ehitus (-5.5%), Tallinna Kaubamaja (-4.3%) and Tallink (-2.1%) continued their way down. The fall also extended to Lithuania and the local index closed down 1.2%. Ukio Bankas (-4.4%) and Rokiskio Suris (-3.2%) were some of the biggest losers.

Rokiskio prelim results. The Lithuanian dairy company Rokiskio Suris posted Q4 sales below our expectations at LTL 140.1m. Net profit for the period amounted to LTL 3.0m. At the same time, the company’s guidance for 2007 was a lot more aggressive than ours. The company expects sales to increase by 17.8% to LTL 610m. Net margin should amount to at least 4.2%, the company said.

TeliaSonera's extra dividend. The Nordic telecom operator TeliaSonera posted solid 2006 results yesterday. Sales increased 3.9% yoy while EBITDA was up 28% yoy. Since TeliaSonera is also the major owner of Baltic telecom operators Eesti Telecom (Acc) and TEO (Acc), the most important point from the report could have been the proposed dividend. In addition to the regular dividend of SEK 1.80, the company plans to pay another SEK 4.50 per share as extra dividend, spending a total SEK 28.3b. Hence, the free cash is spent on dividend payout and the possible acquisitions of Eesti Telecom or TEO may be more unlikely in the near future.

Estonia's registered unemployment at 2.2%. According to Estonian Labor Market Board, there were 13,508 registered unemployed people by the end of January, which corresponds to 2.2% of total population in working age. Compared to December, the number of registered unemployed people increased by 1,479, which was mainly caused by increase in compensations (registered unemployed people now get ca EUR 64 per month).

Lithuania's PPI up 0.7% yoy. According to Statistics Lithuania, the country's producer price index (PPI) edged up 0.7% in Jan/07 yoy (0.5% sequentially). Prices for electricity, gas and water supply were up the most (+12.6%) while manufacture of refined petroleum products showed an 11.6% decrease.

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Bernanke kõne täna fookuses...

Don't Expect a Market Valentine

By Rev Shark
RealMoney.com Contributor
2/14/2007 8:47 AM EST
Click here for more stories by Rev Shark

"Do you love me because I am beautiful, or am I beautiful because you love me?"

-- Cinderella

On this Valentine's Day morning, it is very easy to love the stock market. Despite the best efforts of the naysayers, the indices continue to climb steadily highly and those with doubts end up as fuel that keeps things going. Sure, the market has warts -- as the bears keep telling us -- but as long as it's going up it's a beautiful thing.

The problem with a love affair with the stock market is that deep down inside it never loves us back. Sure, it will treat us very well at times and gives the appearance of being loyal and trustworthy, but as sure as the sun rises each morning we know there will come a time when the market will not only betray us, but abuse us and punish us. It will happen just as we think our love affair will never end and it will be cold and heartless.

But for now, love is in the air and everything is beautiful. Takeovers are blossoming, charts are technically healthy and negativity is being punished. Sure there are a few little niggling concerns but what love is without some flaws? Maybe the Nasdaq underperformed a bit yesterday and some of the momentum stocks aren't recovering as quickly as we'd like, but the big boys like AA and MMM are running and they make up for many problems.

Today the market's love for us will be tested by Fed Chief Ben Bernanke. Big Ben is likely to talk about the course of interest rates before Congress today and whenever he does that he risks upsetting our beloved. The market can be quite grumpy when talk turns to the possibility of future interest rate hikes so we need to watch for a possible upset should Dr. Bernanke decide to pontificate on the subject.

We have a steady start to the day, overseas markets were mildly positive, oil is down and gold is strong.
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