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The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in August 2004 amounted to SIT 25.9 billion, which was 11.9% more than in July 2004, or 17.9% less than this year's monthly average. Compared to August 2003, the total turnover decreased by 3.5% (-SIT 0.9 billion).
In August, shares accounted for 63.4% of overall turnover, bonds contributed 19.4% and shares of investment funds 17.3%. There were no transactions in short-term securities. In comparison with the previous months, shares proportion of total turnover rose the most, by some 9 percentage points more than this year's average. Bonds on the other hand, decreased by approximately the same percentage.
During the 22 trading days in August, 24,428 transactions were concluded, an average of 1,110 trades per day. There were 93 transactions per day more than in July; in comparison with this year's average, however, there were by 18.1% less trades concluded per day in August.
The average daily turnover in August was SIT 1.2 billion, which was 11.9% more than a month before. The average value of a single transaction was SIT 1,061 thousand, an increase of SIT 26 thousand compared with July 2004.
Block trading
The LJSE members reported 89 block transactions in August 2004, for a total value of
SIT 12.8 billion, or 49.6% of the total monthly turnover, which was by 0.4 percentage points less than the 2004 average. The average value of a single block transaction in August was SIT 144 million, while the average value of a single transaction without the block trades amounted to SIT 537 thousand.
Indices
The SBI 20, the official market index, gained 2.78% in August, mostly in the second half of the
month. Out of the final 13 trading days in August, it grew in value somewhat on altogether 12. After a three-month break, the index again reached its historic record high; on 17 August, it exceeded the level of 4,700 points and continued to grow until the very last trading day, when it reached 4,796.55 points. Within the past twelve months, the index grew by 42.7%.
The IPT Index (Free Market Index) grew by 3.46% in the eighth month of the year. While the index lost 2% in value in the first eight trading days, it compensated for the loss in the second half and ended the month on a positive note. Consequently, a relatively high volatility for the IPT was registered; in average, its value would change by 0.52% per day. In the last 12 months, the IPT gained 39.41%.
The Investment Funds Index - PIX - decreased by 1.37% in August, mostly due the difficulties with the additional issue of the shares of Zlata moneta 1 ID. On 11 August, the index thus lost 4.7%; excluding that, the PIX grew by 3.5% in the last month. Within the past twelve months, the PIX gained 46.45% and was the most profitable LJSE index of that period.
In August, the Bond Index (BIO) rose by 0.18%. Its value further continued to vary only moderately; its daily average change was only 0.06%. In the last 12 months, the BIO gained 2.6%.
Four industrial sector indices of the Ljubljana Stock Exchange increased in value in August - due to increase in price of Helios shares, the Chemicals Index did the best, with 11.96%; next were Trade (with 3.86%), Food and Beverages (+0.55%) and Transport (+0.39%). The Oil and Gas Index was the only one which lost some of its value in the past month (-0.53%).
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of nineteen shares
(out of the total of thirty) grew in August, among them, for the second month running,
shares of Sava (+18.1% in the past month), followed by the shares of Kompas MTS (+13.7%)
and those of Terme ^ate` (+11.6%). The prices of ten shares decreased in August. Shares of
Geodetski zavod Slovenije lost the most in value (-5.5%); similarly, also shares of Tehnounion
(-4.5%) and Luka Koper (-2.4%).
Year-on-year, the prices of twenty-seven shares on the official market increased during that period, above all shares of Nika (+113.9%), Aerodrom (+81.7%) and Krka (+71.0%). The prices of three shares decreased, with Comet (-13.7%) once more in the lead, and followed also by Pivovarna Union (-8.4%) and the preferred shares of Probanka (-0.3%).
Foreign investments
The net outflow of all non-residents' investments (direct and portfolio investments
into shares and bonds, but without primary issues) totalled SIT 267.1 million in August; out of
that, the outflow on the organised market amounted to SIT 260.6 million, and the outflow on
the off-the-organised market SIT 6.5 million. In August, foreign investors participated with
7.51% in the turnover structure of the organised LJSE market. The level of foreign ownership
in shares of Slovene companies (according to the market capitalisation as at the last day of the
month) reached 4.37% in August 2004. Among the shares with considerable market
capitalisation, the foreign ownership increased most notably during the past twelve months in
LIV Postojna (+76.6 percentage points), Javor Pivka (+2.6 percentage points) and
Pivovarna La{ko (+2.2 percentage points). In contrast, foreign ownership decreased the most
in Merkur (-19.2 percentage points), Droga (-18.7 percentage points) and Juteks
(-14.2 percentage points).
Market capitalization
On 31 August 2004, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (including shares of investment funds - SIT 225.7 billion) amounted to SIT 2.830 billion, which was by SIT 41.6 billion or 1.5% more than a month before. With regard to July, the market capitalisation of shares and investment funds grew by 2%; the market capitalisation of bonds, on the other hand, remained unchanged in the past month.
Year-on-year, the market capitalisation of shares on the official market increased from SIT 829.7 billion to SIT 1,182.6 billion(by 42.5%). In the same period of time, the market capitalisation of shares on the free market grew by 70.8%, from SIT 254.2 billion to SIT 434.0 billion. On 31 August 2004, the market capitalisation of all securities traded on the LJSE, without the investment funds (SIT 1,616.7 billion), represented 28.51% of the GDP in 2003 - SIT 5,671 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
