In April 2002, the total turnover of all market segments of the Ljubljana Stock Exchange (LJSE) amounted to SIT 40.92 billion, which exceeded the March results by SIT 3.6 billion and was also SIT 11.9 billion above the monthly average of the previous year. During the first four months of 2002, the total turnover grew by 59% compared to the same period in 2001.
In the turnover structure of April 2002, shares made up 68.5%, bonds 13%, and shares of investment funds 17.9 % of total turnover. There were no trades with short-term securities, while transactions with pension coupons totaled 0.7%. During last month, portion of shares increased noticeable in the structure of turnover (14 percentage points by comparison with a month before) and thus equaled last year 's average of 68%. Total turnover of bond trading, however, dropped considerably by 10 percentage points with regard to the previous month. Turnover of securities on the official market in April represented 67.3% of the total turnover of the Exchange (with last year's average of 66.6%).
During the 21 trading days in April 41,522 trades were concluded, with an average of 1,977 trades per day, which was, on average, one transaction more a day than a month earlier. In the total structure, both shares and pension coupons varied by 4 percentage points - the former went up to 44%, while the latter decreased to 10%.
The average daily turnover in April exceeded last year's average by 38%, and added up to SIT 1.9 billion. The average value of a single transaction of SIT 985 thousand was slightly lower than the year before (SIT 1 million). The value of an individual transaction was SIT 249 thousand more if compared to April 2001.
Block trading
In April 2002, Exchange members reported 128 block trades with a total value of SIT 15.4 billion. It represented 45% of the total turnover in April, which was considerably lower than previous year's average of 55.2%, and also lower than a month before (50%). The average value of a single April block transaction was SIT 120 million, while an average single transaction (with block trades excluded) equalled SIT 617 thousand.
The most traded securities and the members 'volume of trading
In April, the five most traded shares, including their block trades, were those from the official market of LJSE: Lek, Krka, Pivovarna Laško, Banka Koper (99.7% of turnover consisted of block trading) and Petrol. They represented two thirds of shares 'turnover in April 2002, and 59% of total turnover on the Exchange. Most traded bonds in April were again those of Slovenska odškodninska družba - 2nd issue (with 38% of the total bond trading volume). Three bond issues of the Republic of Slovenia (28th, 29th and 26th )jointly added up to further 23% of the total turnover of bonds. Among the most traded PIDs' shares, only Infond Zlat exceeded SIT 1 billion of total turnover. Other shares with more than a SIT 0.5 billion yield were: Triglav steber 1, Nika 1, Atena 1.sklad and Zvon 1.
Ten most active Exchange members created 60% of the total turnover in April, which is by five percentage points less than in March. Credits for one fourth of the April turnover thus went to the following members: PFC Interfin, Perspektiva BPD and to Nova Ljubljanska banka.
Indices
In April 2002, all three leading stock exchange indices on the Ljubljana Stock Exchange set up new records. All three registered their historical highs on the last trading day of the month (April 30). The blue chip SBI 20 Index reached its highest value at 2,715.65 points, and thus rose by a significant 6.5% during the month. In the first half of April, value of SBI 20 tended downwards, while from April 17 every single trading day recorded its growth.
IPT Index increased its value by 5.9% during the month, and finally reached 2,175.30 points. Within the period of 21 trading days, the index finished twelve times on a positive side of the scale. The most marked daily change occurred on April 9 when its value grew by 1%.
The highest increase in April 2002 was recorded by the Authorised Investment Funds Index - PIX which gained a significant 20.1% in its value in one month. Its historical high was reached on the last April trading day, at 2,329.56 points. On April 22, its value literally soared by 5.4%.
During the last twelve months, all three indices recorded exceptionally high yields. Compared to 30 April 2001, PIX Index was the one which gained most in its value (+66%); it was followed by the SBI 20 (+60%),and the IPT Index (+51%).
In April, also BIO Bond Index grew in value, by 0.4%. However, in comparison to the year before, the index lost 0.7%of its value.
Likewise, five of the six Industrial Sector Indices of the Ljubljana Stock Exchange increased in value in April. Chemicals Index recorded the highest rise (by 15%),and it was followed by Pharmaceuticals (+12%). Food and Beverages and Trade indices reached a 6% and 7% growth respectively, while Transport Index rose by 3%. The single index to meet with some loss of value was that of Oil and Gas (0.7%). Interestingly enough, the latter had recorded the highest total yield a month before, with 23%.
Price movements of selected shares
Twenty-eight shares out of a total of thirty-nine shares on the official market increased in value in April. In a month 's time, prices of Salus shares grew most substantially, by 31.3%, however, its total trading volume was only moderate (SIT 49 million). The company announced its assembly meeting on 25 May 2002, and one of the proposals included payment of dividends at SIT 3,000 per share. The runner-up of the last month was Sava Kranj whose shares gained 22%,and finished trading in April at its record high of SIT 24,941.08. Prices of several more shares grew in value: Zdravilišce Moravske toplice (+19%), prefered shares of Lek (+16%), Merkur (+15%) and Lek ordinary shares (+13%). The value of ten shares decreased in the last month. Again, shares of Banka Koper recorded further reduction in price, viz. SIT 11.800 (-20%). Prices of Droga shares dropped by 5.6%; also Mlinotest (-5%), Tehnounion (-4.3%), preferred shares of Banka Vipa (-4.2%) and Istrabenz (-4.2%) all ended in the red.
The comparison of prices in one year's time, which is best used for analysing the yield of shares, indicates that prices of thirty-five shares on the official market increased during the last twelve months. Among the most significant were shares of Salus (+131%), followed by those of Ist abenz (+127%). Low liquid shares of Nika came third (+111%). Kolinska (+95%) and Pivovarna Union (+90%) nearly doubled their yields. The value of four shares fell. Again, the worst decline suffered shares of Tehnounion (-49%), and of SKB banka (-34%), while Kompas MTS (-15%) experienced a fair decrease as well.
Foreign investments
Net inflow of all foreign investments (direct and portfolio investments in shares and bonds, without primary issues) amounted to SIT 15.88 billion in April (SIT 29.93 billion in March), with SIT 1.28 billion originating from the organised market, and SIT 14.60 billion from off-the-organised market. Foreign investors participated with 12.18% in the ownership of Slovenian companies (according market capitalisation at the end of April) which is close to the historic record value of 12.23% in May 1998. Compared to February 2002, foreign ownership reached its highest level in Banka Koper (from 15.01% to 62.11%), and in Valkarton (from 2.38% to 66.22%).
Market capitalization
On 30 April 2002, the total market capitalisation of all securities traded on the Exchange (including shares of investment companies - SIT 235.7 billion) equalled SIT 1,772 billion, which was by SIT 153 billion or by 9.4% more than the previous month. The highest increase was recorded by the market capitalisation of investment companies (+20%). Capitalisation of shares rose by 6.7%, with shares on the official market by 6.2%. Bonds capitalisation climbed by 11%, whereas pension coupons capitalization dropped by 2.7%. While price growth was the main reason for the increase of market capitalisation of both companies and PIDs, bonds capitalisation growth was mostly due to the admission of three newly issued government bonds (of 33rd, 37th, and 38th issues) to the official Exchange market as well as to the listing of Probanka to the free market.
In one year 's time, market capitalisation of shares listed on the official market rose from SIT 553 billion to SIT 829 billion (by half the value), while capitalisation of shares on the free market followed: from SIT 124 billion to SIT 198 billion (by 59%). On 30 April 2002, total market capitalisation of all shares traded on the Exchange exceeded SIT 1,000 billion for the first time - SIT 1,038.5 billion, and represented 22.7% of GDP for the year of 2001 -SIT 4,566 billion at current prices. (Source: Statistical Office of the Republic of Slovenia)
