In July 2005, shares of companies listed on the official market amounted to 70.7% in the overall LJSE turnover structure. These were followed by bonds with a 18.0% share of the overall turnover structure, while investment funds came next, comprising 11.3% of the total turnover. In the last month, shares of companies listed on the official market gained 10.1 percentage points in the overall turnover structure. The share of bonds in the turnover structure decreased by 5.9 percentage points, while trading with investment funds’ shares was 4.2 percentage points down on the previous month.
During the 21 trading days in July, a total of 14,544 transactions was concluded. On average, this amounts to 661 transactions per day, 52.1% less than the average for last year. The average daily turnover in July amounted to SIT 401.9 million, 48.8% less than last year’s average.
Block trading
In July 2005, LJSE members reported 120 block transactions in a total value of SIT 19.0 billion. The total monthly turnover of registered block trades thus exceeded the BTS system turnover by SIT 10.2 billion. The average value of a single registered block transaction in July was SIT158.6 million, while the average value of a transaction concluded via the BTS system amounted to SIT608,000.
Indices
The SBI 20, the official market index, gained 3.4% in the past month. The index finished the most number of days on a positive note (fourteen) out of all the LJSE indices. It reached its highest value on July 29 at4 ,548 points, and the lowest on July 12 at 4,424 points. In the last twelve months, the SBI20 has fallen by 2.5%.
The Investment Funds Index - PIX gained 1.8% of its value in July. The index ended twelve trading days on a positive note. In the last twelve months, the index has fallen by 0.7%.
In July, the Bond Index (BIO) fell by 0.1%. The index gradually fell through the course of the month, ending only nine trading days on a positive note. In the last twelve months, the index has grown by 3.3%, making it the highest yielding index on the Ljubljana Stock Exchange in this period.
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of thirteen shares increased out of a total number of 25. Among the shares included in the SBI 20 index, the biggest growth was recorded by shares of the following companies: Pivovarna Lasko (+13.6%), Mercator (+11.3%), Delo (+8.9%) and Zito (+5.6%). On the other hand, the worst performers in July were shares of Intereuropa (-4.4%), Luka Koper (-1.8%) and Aerodrom(-1.8%).
The annual comparison period shows that in the last twelve months, the prices of nine Shares on the official market increased. Among the shares included in the SBI20 index, the shares of the following companies recorded the biggest growth in the stated period: Sava (+33.8%), Aerodrom (+24.9%), Merkur (+15.9) and Krka (+11.5%). The prices of sixteen shares fell. Among the SBI 20 shares, Intereuropa, having lost 15.5%, was the biggest loser. The shares of Etol (-15.3%), Zito (-14.6%), Gorenje (-14.5%) and Istrabenz (-14.3%) also lost in value.
Foreign investments
The net inflow of all non-residents' investments to the organised market in July 2005 amounted to SIT 287.9 million. Last July, there was an outflow of foreign investment in the amount of SIT 552.0 million. In July, foreign investors participated with a 1.0% (including block trades) share in the turnover structure of the organised market. The level of foreign ownership in shares of Slovene companies (according to the market capitalisation on the last day of the month) reached 3,8% at the end of July.
Among the shares included in the SBI 20 index, the share of foreign investors' ownership increased most notably in Pivovarna Lasko (+2.5 percentage points) and Mercator (+1.0 percentage points). On the other hand, the share of foreign investors' ownership decreased most notably in Istrabenz (-25.1 percentage points) and Zito(-0.3 percentage points).
Market capitalization
On 31 July 2005, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange amounted to SIT3,004 billion.Thehighest participation in the market capitalisation was recorded by the shares of companies listed on the official market (50.9%); these were followed by bonds (43.5%) and investment funds (5.6%). In the last month, the LJSE market capitalisation fell by SIT21.0 billion.
The reduction is above all a result of the adjustment of the number of the RS21, RS39 and SOS2E bonds between the register in the Central Securities Clearing Corporation (KDD) and the quotation on the BTS system. The market capitalisation of bonds therefore decreased by SIT 65.1 billion. The market capitalisation of companies listed on the official market increased by SIT 40.4 billion in the last month due to the inclusion of new shares for trading and an increase in the number of existing shares. Due to the growth of investment funds’share prices, the market capitalisation of the latter also increased, namely by SIT3.59 billion.
Year-on-year, the market capitalisation of shares on the official market decreased from SIT 1,158.2 billion to SIT 1,089.3 billion (-6.0%). In the same period, the market capitalisation of shares on the free market grew by 4.0%, from SIT 423.0 billion to SIT 440.0 billion. On July 31, the market capitalisation of all shares on the LJSE, excluding investment funds, represented 24.7% of domestic GDP in 2004 (at current prices). Source: The Statistical Office of the Republic of Slovenia.