The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in January 2004 amounted to SIT 32.9 billion, which was 22% less than in December 2003, and SIT 4.6 billion more than last year's monthly average. In comparison to January 2003, however, turnover decreased, by 20.7% (SIT 8.6 billion).
In January 2004, shares accounted for 49.0% of overall turnover, while bonds accounted for 32.8%, and shares of investment funds 18.2%. There were no short-term securities transactions. Year-on-year, shares of listed companies increased their share of total turnover - in January 6 percentage points more than the previous year's average; bonds turnover, on the other hand, was down by approximately the same amount.
During the 20 trading days in January, there were 31,030 transactions concluded, or 1,552 transactions per day, in average. In January, 179 trades per day, 13.0% more than last year's average, were executed.
In January, the average daily turnover equalled SIT 1.6 billion, which exceeded last year's average by SIT 279 million. The average value of a single transaction in January was SIT 1.06 million, or SIT 65 thousand more, in comparison to the last year's average.
Block trading
The number of block trades was significantly lower in January compared to December 2003. Stock Exchange members reported 110 block transactions, in the total of SIT 16.1 billion, or 49.0% of the overall monthly turnover which was slightly below the past year's average. The average value of a single block trade in January 2004 amounted to SIT 147 million, while the average value of a single transaction, without the block trades, totalled SIT 543 thousand.
Indices
In January 2004, the three major LJSE indices experienced considerable gains. All three of them also recorded historical highs during the last week of the month.
The official market index - SBI 20 gained 6.81% in January, and thus continued its growing trend, started already in July 2003, after a slight drop in value in December. The index also reached its historical record high on 26 January, at 4,252.35 points. Over the past 12 months, the SBI 20 grew by 27.0% in value.
The IPT Index (Free Market Index) rose by 7.9% in value in the first month of the year. Very much like the SBI 20, also the IPT reached its record high on 26 January, at 3,718.56 points. Within the 20 trading days, 14 ended in the positive for the IPT. In the period of the last twelve months, the index gained 33.51% in its value.
In January, the values of all five LJSE industrial sector indices increased; in particular, the Food and Beverages Index (by 7.90%), and similarly also the Trade (+7.68%), Transport (+7.26%), Chemicals (+6.21%) and Oil and Gas Indices (+6.03%).
Price movements of selected shares
On the official market of the Ljubljana stock Exchange, prices of twenty-five shares, out of the total of thirty-two, increased in January; among them, in particular, shares of Aerodrom (+27.03%). Shares of Gorenje, Žito and Radenska all gained more than one tenth in value. Prices of seven shares, on the other hand, fell during the past month. Shares of Živila decreased in value the most, by 6.7%, followed also by the shares of Kompas MTS (-6.4%) and Comet (-2.9%).
Year-on-year, the prices of twenty-seven shares on the official market, increased during the period. The highest growth was recorded by the securities of the transport branch - Aerodrom (+87.77%) and Luka Koper (+67.96%). Shares of Nika were next, with 54.11%, those of Mercator went up by 51.87%, and those of Istrabenz by 50.94%. Prices of five shares fell; among them Kompas MTS who did the worst (-20.6%), then Živila Kranj (-18.5%) and GPG (-11.26%).
Foreign investments
Net inflow of all non-residents' investments (direct and portfolio investments into
shares and bonds, but without primary issues) totalled SIT 815.1 million in January, out of which the inflow on the organised market was SIT 281.2 million, and SIT 533.8 million on the off-the-organised market. In January, foreign investors participated with 6.38% in the turnover structure of shares on the organised market. Foreign ownership in Slovenian companies (according to the market capitalisation as at the last day of the month) reached 5.91% in January 2004, and within the past 12 months increased the most considerably with two issues of shares on the free market: that of Aktiva invest (+15.46 percentage points) and KD Group (+10.96 percentage points). In contrast, foreign ownership decreased in Merkur (-4.90 percentage points) and in MIP (-3.77 percentage points).
Market capitalization
On 31 January 2004, the total market capitalisation of all securities traded on the
Ljubljana Stock Exchange (together with shares of investment funds - SIT 248.58 billion) amounted to SIT 2,573 billion, which was by SIT 131 billion, or by 5.38%, more than a month before. Due to high prices of securities, in particular the market capitalisation of the investment funds increased (+9.5%); next were also shares of listed companies (+7.9%) which gained some of its market capitalisation also through the restructuring of two PIDs to financial holding companies. Year-on-year, the market capitalization of shares on the official market increased from
SIT 999.3 billion to SIT 1,049.3 billion (by 5%), while at the same time the market capitalisation of shares on the free market grew by 69.6% - from SIT 233.3 billion to SIT 395.6 billion. On 31 January 2004, the market capitalisation of all securities traded, without the shares of investment funds (SIT 1,445.0 billion), represented 27.34% of the GDP in 2002 - SIT 5,284 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
