In September Riga Stock Exchange total trading volume amounted to EUR 25.62 million. Debt trading with EUR 24.79 million dominated, whereas equity trading volume was a mere EUR 0.83 million. The two top equities as to trading volume were Latvijas G'ze with EUR 0.45 million and Latvijas KuÏniecÓba with EUR 0.138 million. During September Latvijas KuÏniecÓba gained 10% in price. Liep'jas metalurgs (+4.76%), Pirm' banka (+3.16%), Latvijas balzams (+2.7%), Grindeks (+1.69%) and Latvijas G'ze (+0.19%) were the other gainers among the Official and Second list companies, whereas RÓgas Transporta flote (-33.33%) and Kaija (-13.79%) were the main losers.
Equity market capitalisation at the end of the month reached the high EUR 711.05 million mark, which is a 1.27% increase over the value of the previous month Total debt market value was EUR 488.73 million. Dow Jones Riga Stock Exchange index demonstrated a 2.72% increase over August closing value.
The Riga Stock Exchange securities lists restructuring, directed towards increasing the quality of listed securities, is ongoing: on September 23, 2002 a Free list company Misas k°dra was delisted subsequent to share buy-back offer by the strategic investor. Free list will be dissolved by January 2004.
Latvian Privatisation Agency has issued permission to the Riga Stock Exchange to privatise the remaining part of the Latvian Central Depository. After legal and financial completion of the deal, the Riga Stock Exchange will own 100% of the LCD, together forming HEX Riga.
Tallinn
TSE ís trading turnover was EUR 37 million during the third quarter 2002. The trading volume, up to two times lower compared to the previous quarter, was however 8% up from the respective period previous year. The TALSE index was up 21% since the beginning of the year.
Estoniaís GDP growth in Q2 2002 was 7% according to the Statistical Office. During the first two quarters or H1 this year, the economic growth was 5.2%. Current account deficit of GDP was 10.6% in Q2 2002, slightly down from 14.4% from the quarter before, the Central Bank of Estonia reported.
International rating agency Fitch affirmed Estoniaís country rating at "A-", while the rating outlook is stable. The agency cited Estoniaís success in structural reforms, strict budget policy and relatively low government and private sector loan burden behind the move. Clothing company Baltika launched a new international clothes trademark, MONTON, available in a total of 29 shops in Estonia, Lithuania, Latvia, Poland and the Ukraine. Baltika also carried out a share issue of EEK 23 million to provide additional funding to the strategic growth plans of the group.
Credit Suisse First Boston Europe (CSFB) started as a trading member of TSE on October 3. CSFB is a leading global investment bank and the first London-based member firm of the TSE. Including CSFB, Tallinn Stock Exchange has 14 trading members, of whom five trade from abroad.
Vilnius
In September, trading at the Stock Exchange was considerably more active than in August. The total NSEL turnover reached EUR 104.5 million, and share turnover equalled EUR 81.4 million. It is the second largest monthly turnover in the history of the NSEL. Shares comprised 78% in the total monthly turnover. Trading in the Government securities and on the central market also was more active. On the central market, the most active trading was carried out in shares of Lietuvos Telekomas AB (over 500 transactions with the total turnover of EUR 0.6 million), Vilniaus Vingis AB (EUR 0.4 million), and Dainiai AB (acquired own shares for EUR 0.35 million). In addition to Ma²eiki¯ Nafta AB (turnover of EUR 77 million), shares of Lietuvos Draudimas AB also were actively traded by block transactions (EUR 0.75 million).
The changing share price of Lietuvos Telekomas AB had a significant influence on the equity indices. On 10 September, it fell below one Litas, and on 26 September the share price of Lietuvos Telekomas AB decreased to LTL 0.80. During the month, shares of Lietuvos Telekomas AB fell by 18.45%. Because of all this, in September the value of LITIN index fell by 8.3%, that of LITIN-G decreased by 1.5%. The increased prices of SnaigÎ AB, Vilniaus Vingis AB, Pieno fivaig²dÎs AB, and Ekranas AB contributed to a 2.7% rise of the LITIN-10 index.
The total nine-month turnover of the Stock Exchange was by 16% larger than in the corresponding period last year and reached EUR 420 million. Just like in the previous year, shares accounted for 36%.
