The total turnover (excluding block trading) on all market segments of the Ljubljana Stock Exchange (LJSE) in June 2005 amounted to SIT 9.1 billion. The turnover in June was therefore 45.2% lower than last year’s average. In comparison to June 2004, the total turnover decreased in size by SIT 3.6 billion (-28.1%).
In June 2005, shares of joint-stock companies amounted to 60.6% in the overall LJSE turnover structure. Bonds came second with a 23.8% share of the overall turnover structure, while investment funds shares followed, trading in the amount of 15.6% of total turnover. In the last month, shares of listed companies gained 4.0 percentage points in the overall turnover structure, with bonds gaining 1.7 percentage points. The structure of investment funds’ share decreased by 5.7 percentage points.
During the 20 trading days in June, a total of 17,899 transactions was concluded. On average, this amounts to 895 transactions per day, or rather 35.1% less than the average for last year. The average daily turnover in June amounted to SIT 456.6 million, or rather 41.8% less than last year’s average.
Block trading
The LJSE members reported 150 block transactions in the total value of SIT 41.4 billion in June 2005. The total monthly turnover of registered block trades thus exceeded the BTS system turnover by SIT 32.3 billion. The average value of a single registered block transaction in June was SIT 276.0 million, while the average value of a transaction concluded through the BTS system amounted to SIT 510.2 thousand.
Indices
The SBI 20, the official market index, lost 5.0% of its value in June. It reached its monthly high on 1 June at 4,615 points, with its low coming on 30 June at 4,397 points. The index ended only seven trading days on a positive note. In the last twelve months, the SBI 20 has lost 1.1%.
The Investment Funds Index PIX, lost 3.3% of its value in June 2005. The index fell gradually through the course of the month, ending only six trading days on a positive note. In the last twelve months, the index has gained 1.4% in value.
In June, the bond index BIO grew by 0.2%. The index finished the most number of days on a positive note (thirteen) out of all the LJSE indices. In the last twelve months, the index has grown by 3.2%, which makes it the most profitable index on the LJSE in this period.
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange prices of five shares increased out of a total number of 25. Among the shares included in the SBI 20 index, shares of Kompas MTS, which grew in value by 1.8%, posted the biggest growth. Furthermore, the shares of Sava (+1.3%) also posted an increase in share price. On the other hand, the biggest fall in June was recorded by shares of Pivovarna La{ko (-13.2%), which has lost most of value on the last trading day. About mentioned following shares lost its value: Mercator (-7.7%), Merkur (-7.3%) and Zito (-7.1%).
The annual comparison period shows that in the last twelve months, the prices of ten shares on the official market increased during that period. Among the shares included in the SBI 20 index, the shares of the following companies recorded the biggest growth in the stated period: Sava (+51.7%), Aerodrom (+32.6%), Kompas MTS (+27.9%), Merkur (+18.53) and Krka (+13.9%). Fifteen shares decreased in value. Among the SBI 20 shares, Istrabenz was the biggest loser, with a 18.9% drop in value. The shares of Zito (-18.4%), Pivovarna Lasko (-14.8%), Luka Koper (-12.4%) and Gorenje (-11.7%) also lost in value.
Foreign investments
The net inflow of all non-residents’ investments from the organised market in June 2005 totalled SIT 316.6 million. In June of last year, foreign investments outflow amounted to SIT 507.0 million. In June, foreign investors participated a 1.6% share in the turnover (including block trading) 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) amounted to 3.8% at the end of June. Among the shares included in the SBI 20 index, the share of foreign investors’ ownership increased most notably in Pivovarna La{ko (+2.6 percentage points) and Krka (+0.5 percentage points). On the other hand, the share of foreign investors’ ownership decreased most notably in Istrabenz (-25.6 percentage points) and Zito (-0.4 percentage points).
Market capitalization
On 30 June 2005, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange amounted to SIT 3,025 billion. The highest participation in the market capitalisation was recorded by the shares of joint-stock companies (49.2%); they were followed by bonds (45.4%) and investment funds (5.4%). In the past month, the Stock Exchange market capitalisation decreased by SIT 53.2 billion.
The decrease is a result of a drop in share prices and the exclusion of shares from trading on the LJSE, along with the exclusion of shares of investment fund TG1R from trading on the LJSE. The market capitalisation of listed companies’ therefore decreased by SIT 59.6 billion, in the past month, while the market capitalisation of investment funds shares decreased by SIT 59.8 billion. The market capitalisation of bonds increased by SIT 66.2 billion due to admission of new bonds for trading on the market and due to an increase in the number of existing bonds.
Year-on-Year, the market capitalisation of shares on the official market decreased from SIT 1,110.1 billion to SIT 1,051.7 billion (-5.3%). In the same period, the market capitalisation of shares on the free market increased by 5.8% from SIT 413.1 billion to SIT 437.0 billion. On 30 June 2005, the market capitalisation of all shares on the LJSE, excluding investment funds, represented 24.0% of domestic GDP in 2004 (at current prices). Source: The Statistical Office of the Republic of Slovenia.
