In January, the trading volume on the Exchange outdid both the monthly volumes of each month in 2003 and the average quarterly volumes throughout the entire history of the Exchange.
As trading in January was very active, the average monthly value per share transaction increased from EUR 4.3 to 6.4 thousand; per T-bill transaction it went up from EUR 239 thousand to EUR 406 thousand.
On the central market the growing trend in share trading persisted: the average turnover per session on the central market augmented from EUR 348 thousand (in 2003) to EUR 666 thousand, and the aggregate average of the share turnover per session soared 3.8 times, to EUR 2.5 million. The share indices grew accordingly: LITIN by 13%, LITIN-G by 9%, and LITIN-10 by 8%. With the rise in share prices in general, the capitalisation of the Exchange went up by 6% again and crossed the limit of LTL 19 billion, while the capitalisation of listed shares augmented by 11% jumping over LTL 10 billion.
The share turnover on the central market was analogous to the largest monthly turnovers of the preceding year and amounted to EUR 13.8 million. Yet, that accounted for only as much as 26% of the total share turnover of EUR 53 million. The results of execution of four tender offers excluding, the turnover of other transactions was analogous to the total turnover of transactions in 2003 and accounted for LTL 4 million. The share turnover in negotiated deals was one of the largest among the monthly turnovers of negotiated deals throughout the history of the Exchange. It equalled EUR 35 million. To sum up, in January the turnover of both shares and T-bills (EUR 62.6 million) as well as the total turnover of securities (LTL 116 million) was among the largest in the history of the Exchange.
HEX Tallinn
January 2004 was a month of several records for Tallinn Stock Exchange. TALSE index rose to 311 points level, which is the highest result since November 5, 1997 when TALSE stood at 328.18 points. Market capitalization of Tallinn Stock Exchange reached its highest ever at EUR 3,306 Mio. Hansabank's and Saku Brewerys share prices hit their all-time highs at EUR 23 and EUR 6.80, respectively. Turnover of Tallinn Stock Exchange reached EUR 77.4 million in January 2003.
Tallinn Stock Exchange started the procedures for listing 16,000 subordinated floating rate notes of Sampo Pank (nominal value 1000 EUR) on the Bonds List.
I-List company Estiko launched its takeover offer to minority shareholders, effective until February 3. If the offer is successful, the company intends to apply for delisting.
HEX Tallinn launched a campaign to urge the people who joined the funded pension system to terminate the subscription of annual statement of holdings by regular mail. Some 5,200 people responded to the campaign during the 1st month and ordered their statement electronically instead. Out of every person terminated, HEX Tallinn will give 3 EEK to Estonian Nature Fund to sponsor nature education projects. The campaign will continue for the rest of the year.
The total turnover of HEX Tallinn, the group uniting Tallinn Stock Exchange and Estonian CSD, was EUR 2.5 million in 2003, up 23 pct from the previous year. The shareholders' equity stood at EUR 2 million at the end of the period. The consolidated net profit for year 2003 totaled EUR 0.6 million, compared to the result of Eur 0.1 million the year before. The results are unaudited.
HEX Riga
In January the Riga Stock Exchange trading volume amounted to EUR 11.97 million: equity trading volume was EUR 2.10 million, while debt trading volume was EUR 9.87 million. Ventspils nafta with EUR 0.53 million was the turnover leader; Latvijas Gaze with EUR 333 million continued to be the largest company according to market capitalisation.
Equity market capitalisation at the end of January stood at EUR 903.16 million, while debt market value was EUR 598.69 million. Dow Jones Riga Stock Exchange index gained 7.8 % since the end of December. All Official and Second list companies gained in price, and some significantly: Latvijas kugnieciba 22.86%, Rigas KB 16.92%, Liepajas metalurgs 15.91%, Valmieras stikla skiedra 13.1%, Olainfarm 12.12%, Ditton 10.71%, Rigas TF 10%.
Riga Stock Exchange securities lists have undergone significant changes. 20 Free list companies discontinued their listing, and one Second list company moved to Free list. As a result, 36 equities remain listed: 3 on Official list, 9 on Second list and 24 on Free list.
The RSE has summarised the member trading activity performance for 2003. "Hansabanka" was the most active Riga Stock Exchange member in 2003, contributing 19.54% of trading turnover. "Hansabanka" and "Latvijas Krajbanka" with 28.46% and 26.52% respectively were the most active members in terms of equity trading, whereas "Hipoteku banka" with 33.99% was the most active in debt trading. During January one member discontinued its membership: now the RSE has 12 trading members.
