The total turnover on all market segments of the Ljubljana Stock Exchange (without block trades) in January 2005 amounted to SIT 16.7 billion, which was at the level of last year’s average. Compared to January 2004, total turnover decreased by SIT 106 million (-0.6%).
In January 2005, a considerable change in the structure of the turnover was registered. In comparison with last year’s average, joint-stock companies’ shares increased their participation by 6.2 percentage points. In January 2005, shares accounted for 62.5% of turnover (block trades included). Turnover in bonds decreased the most (by 5 percentage points); bonds accounted for 23.6% of turnover in January 2005.
During the 21 trading days in January there were 24,170 transactions concluded. In average, 1,151 trades per day were registered, 16.9% less than last year’s average. The average daily turnover in January equalled SIT 1.4 billion or 9.5% less than last year’s average.
Block trading
The LJSE members reported 89 block transactions in January 2005, a total value of SIT 12.9 billion. The total monthly turnover, which includes regular and cross transactions was SIT 16.7 billion. Total turnover exceeded the block trades turnover by 29.4%. The average value of a single block transaction in January was SIT 144.8 million, while the average value of a single transaction without the block trades amounted to SIT 693 thousand.
Indices
The SBI 20, the official market index, gained 4.57% in January. On 6 January, it broke through the 5,000 points level for the first time in its history. Within the past twelve months, the SBI 20 grew by 22.13%.
The IPT Index (Free Market Index) grew by 5.07% in the introductory month of the year. Within the 21 trading days, the index grew on 15 of them. The correlation coefficient of daily yields between the SBI 20 and the IPT equalled 0.5. In the last twelve months, the IPT Index gained 19.0%.
The Investment Funds Index - PIX - gained 5.30% in the first month of 2005. Its historical high was recorded on the final trading day of the past month, at 4,752.47 points. The correlation coefficient of daily yields between the PIX and the SBI 20 equalled 0.67. Within the last twelve months, the PIX Index gained 24.2% and thus still qualifies for the most profitable LJSE index.
In January, the Bond Index (BIO) rose by 0.13%; it thus continued upwards. In the last 12 months, the index increased by 3.9%.
In January, all four LJSE industrial sector indices increased in value – the Chemicals Index did the best (+7.8%). It was followed by the Trade Index (+5.7%), the Transport Index (+5.0%) and the Food and Beverages Index (+2.0%).
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of twenty shares (out of the total of twenty-nine) grew in January. Among the more liquid shares, those of Aerodrom (+10.5%) did the best, with shares of Pivovarna La{ko (+8.7%) and Merkur (+6.9%) following. Prices of eight shares decreased in the past month. Shares of Kolinska lost the most in value (-10.8%) and also shares of Droga (-5.8%) as well as Mlinotest (-4.3%) recorded some loss.
Year-on-Year, the prices of twenty shares on the official market increased during that period. Among those more liquid, shares of the following companies gained the most: Aerodrom (+71.8%), Sava (+61.1%) and Merkur (+56.3%). Prices of nine shares decreased, with Emona obala (-40.5%) in the lead, followed also by Pivovarna Union (-32.7%) and Comet (-21.8%).
Foreign investments
The net inflow of all non-residents’ investments (investments into shares and bonds) to the organised market totalled SIT 638.6 million in January 2005. In comparison with January 2004, non-residents’ investments thus doubled. In January, foreign investors accounted for 5.5% of organised market turnover. The level of foreign ownership in shares of Slovene companies (according to the market capitalisation as at the last day of the month) reached 4.5% as at end January. Among the shares with higher market capitalisation, the foreign ownership increased most notably during the last twelve months in KD Group (+19.1 percentage points) and Triglav, financna druzba (+5.6 percentage points). In contrast, foreign ownership decreased the most in Droga (-19.2 percentage points), Istrabenz (-19.1 percentage points) and Juteks (-14.2 percentage points).
Market capitalization
On 31 January 2005, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange amounted to SIT 3,102 billion. The highest participation in the market capitalisation was recorded by the shares of jointstock companies (55.9%), followed by bonds (36.3%) and investment funds (7.8%). In the past month, the Stock Exchange market capitalisation increased by SIT 52.6 billion. Shares of investment funds (+4.3%) and shares of joint-stock companies (+3.3%) registered the highest growth, with the primary reason in the growth of their prices. The market capitalisation of bonds, however, decreased in the last month by SIT 13.4 billion or by 1.2%. Year-on-Year, the market capitalisation of shares on the official market increased from SIT 1,049 billion to SIT 1,273.9 billion (by 21.4%). In the same period of time, the market capitalisation of shares on the free market grew by 23.3%, from SIT 395.6 billion to SIT 487.7 billion. On 31 January 2005, the market capitalisation of all securities on the LJSE, without the investment funds represented 31.1% of the GDP in 2003 (at current prices). Source: The Statistical Office of the Republic of Slovenia.
