The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in July 2004 amounted to SIT 23.2 billion, which was 12.8% less than in June 2004, or 28.4% less than this year's monthly average. Compared to July 2003, total turnover grew by 2.5% (+SIT 0.6 billion).
In July, shares accounted for 52.1% of overall turnover, bonds 27.7% and shares of investment funds 20.3%. There were no transactions with short-term securities. In the last month, the participation of individual types of securities to the total turnover structure did not change considerably.
During the 22 trading days in July, 22,389 transactions were concluded, an average of 1,018 trades per day. There were 50 transactions per day less when compared to June. Year-onYear, however, there were 26.9% less transactions concluded in July.
The average daily turnover in July was SIT 1.1 billion, which was 16.7% less than the previous month. The average value of a single transaction was SIT 1,035 thousand, a decrease of SIT 273 thousand in relation to June 2004.
Block trading
LJSE members reported 101 block transactions in July 2004, a total value of SIT 10.5 billion, or 45.5% of the total monthly turnover, which was 4.5 percentage points less than the 2004 average. The average value of a single block transaction in July was SIT 104 million, while the average value of a single transaction without block trades amounted to SIT 566 thousand.
Indices
The SBI 20, the official market index, gained 4.94% in July. Throughout the month, the index grew steadily. On 16 (out of the total of 22) trading days its value increased. During the final trading days of the month, the index again came near the 4,700 points mark. For the first and also last time in 2004, the SBI 20 exceeded that level on 4 May. Within the past twelve months, the index grew by 49.1%.
The IPT Index (Free Market Index) grew by 2.76% in the seventh month of the year, but did not vary considerably in value during the month; thus, the index never grew, or fell, for more than 1%. In average, its value would change by 0.3% per day (during last month, however, that was 0.5%). In the last 12 months, the IPT gained 40.29%.
The Investment Funds Index - PIX - grew by 3.94% in July. It reached its highest value on the final trading day of the month, at 4,259.71 points. Within the past twelve months, the PIX gained 54.79% and was the most profitable LJSE index of that period.
In July, the Bond Index (BIO) dropped by 0.20%. Its value continued to vary only moderately; its daily average change was only 0.07%. In the last 12 months, the BIO gained 2.3%.
Four industrial sector indices of the Ljubljana Stock Exchange increased in value in July - Food and Beverages (+ 3.58%), Trade (+3.43%), Transport (+2.22%), Oil and Gas (+2.21%). The Chemicals Index was the only one which lost some of its value in the past month (-1.50%).
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of twenty-one shares (out of the total of thirty-one) grew in July, among them, in particular, shares of Sava (+12.2% in the past month), followed by the low-liquid shares of Tehnounion (+9.9%) and those of Nika (+8.8%). With more traded shares, the highest growth was recorded by those of Kolinska (+8.5%) and Gorenje (+7.6%). Prices of seven shares decreased in July. Shares of Comet lost the most in value (-12.1%); similarly, also shares of Istrabenz (-2.5%) and Emona obala Koper (-2.1%) followed in the same vein.
Year-on-Year the prices of twenty-nine shares on the official market increased, above all shares of Nika (+97.8%), Aerodrom (+87.6%) and Luka Koper (+77.4%). Prices of two shares decreased, with Comet (-18.0%) in the lead, and followed also by Pivovarna Union (-10.6%).
Foreign investments
The net outflow of all non-residents' investments (direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 25.7 million in July; out of that, the outflow on the organised market amounted to SIT 552.0 million, and the inflow on the offthe- organised market SIT 526.4 million. In July, foreign investors participated with 11.78% 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 4.42% in July 2004. Among the shares with considerable market capitalisation, the foreign ownership increased most notably during the past twelve months in LIV Postojna (+76.58 percentage points), Aktiva Invest (+14.16 percentage points) and Javor Pivka (+2.62 percentage points). In contrast, foreign ownership decreased the most in Merkur (-19.22 percentage points), Droga (-18.72 percentage points) and Juteks (-14.16 percentage points).
Market capitalization
On 31 July 2004, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (including shares of investment funds - SIT 219.7 billion) amounted to SIT 2,788 billion, which was by SIT 61.3 billion or 2.2% more than a month before. With regard to June, especially the market capitalisation of shares was on the increase, by 3.8%, or by SIT 58.1 billion, mostly due to the increase in prices. The market capitalisation of bonds grew by SIT 5.0 billion, while the capitalisation of the investment funds’ shares dropped by SIT 1.9 billion. Year-on-Year, the market capitalisation of shares on the official market increased from SIT 772.48 billion to SIT 1,158.24 billion (by 49.9%). In the same period of time, the market capitalisation of shares on the free market grew by 69.2%, from SIT 250.03 billion to SIT 422.99 billion. On 31 July 2004, the market capitalisation of all securities traded on the LJSE, without the investment funds (SIT 1,581.23 billion), represented 27.88% of the GDP in 2003 - SIT 5,671 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
