The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in March 2004 amounted to SIT 36.2 billion, which was 28.4% more than in February 2004, or 27.6% more than last year's monthly average. In comparison to March 2003, the turnover increased by 45.5% (SIT 11.3 billion).
In March 2004, shares accounted for 54.8% of overall turnover, bonds contributed 28.0%, and shares of investment funds 17.2%. There were no transactions concluded in short-term securities. In the past month, participation of shares in the turnover dropped by 12 percentage points, but still remained at 11 percentage points above the last year's average.
During the 23 trading days in March, there were 37,003 transactions concluded, on average 1,609 trades per day, or 68 trades per day less than in February. Compared to the last year's average, an increase of transactions by 17.2% was registered in March 2004.
In March, the average daily turnover equalled SIT 1.6 billion, and exceeded last year's average by 15%. The average value of a single transaction in March was SIT 978 thousand, and thus decreased by 138 thousand, in comparison to February.
Block trading
The Stock Exchange members reported 110 block transactions in March 2004, a total value of SIT 16.9 billion, or 46.6% of the total monthly turnover, which was five percentage points below the last year's average. The average value of a single block trade in March amounted to SIT 153 million, while the average value of a single transaction, without block trades, totalled SIT 524 thousand.
Indices
The SBI 20, the official market index, again increased in value in March, following one month of calm. Within the past month, it gained 6.19%. The index finished sixteen days in the positive and reached its record high at 4,491.93 points on 29 March. In the second half of the month, the volatility of the SBI 20 was rather lively, as it changed in value three times for more than one percent during the last five days. During the last 12 months, the SBI 20 grew by 37.5%.
The IPT Index (Free Market Index) gained 2.75% in the third month of this year. The index has been very stable within this period, and its value changed in average by 0.24% only. The IPT registered its record value on the last but one trading day in March, at 3,819.28 points. Within the past twelve months, the IPT Index gained 42.04% in its value.
In March, the PIX Index (Investment Funds Index) increased by 5.05% within 17 trading days (out of the total of 23) and exceeded the level of 4,000 points on 22 March. Its record value was reached one week later (on 29 March), at 4,114.02 points. In the period of the last 12 months, the value of the PIX Index gained 49.56%.
The Bond Index (BIO) grew by 0.24% in March, but ended only eight days in the positive. In the last twelve months, the BIO Index gained 2.5%.
In March, the values of all five industrial sector indices of the Ljubljana Stock Exchange increased. The Oil and Gas Index gained the most (+10.14%), while Transport (with 7.72%), Trade (+4.30%), Chemicals (+3.27%) and Food and Beverages Indices (+1.51%) followed.
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of twenty shares (out of the total of thirty-two) increased in March, among them, in particular, shares of Krka (+12.3%). Shares of Istrabenz (+11.84%), Aerodrom (+11.53%), Intereuropa (+10.11%) and the preferred shares of Probanka (+10.6%) also all rose by more than 10% in value. Prices of ten shares fell during the past month. Again, shares of Terme 3000 lost the most in value - 11.46%, while also prices of shares of Pivovarna Union (8.97%) and Droga (5.43%) decreased.
Year-on-Year, prices of twenty-eight shares on the official market increased during that period. The highest growth was recorded by the shares of Aerodrom (+91.17%), Nika (+79.33%) and Etol (+73.82%). Prices of four shares decreased, among them especially notably those of Pivovarna Union (- 11.36%), Terme 3000 (-10.33%) and Geodetski zavod Slovenije (-9.96%).
Corporate Governance
On 18 March, a Corporate Governance Code for Slovenia was adopted and signed by the Managers' Association of Slovenia, the Association of Supervisory Boards' Members and the Ljubljana Stock Exchange. At the same occasion, the three institutions also signed a Memorandum on Cooperation related to corporate governance.
Foreign investments
The net inflow of all non-residents' investments (direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 1,927 million in March; out of that, the inflow on the organised market amounted to SIT 419.8 million, and SIT 1,507.9 million on the off-the-organised market. In March, the foreign investors participated with 10.28% in the turnover structure of shares on the organised market of LJSE. The level of foreign ownership of shares of Slovenian companies (according to the market capitalisation as at the last day of the month) reached 5.32% in March 2004. Among the shares with higher market capitalisation, the foreign ownership increased most markedly during the past 12 months in LIV Postojna (+59.46 percentage points), Aktiva Invest (+16.50 percentage points) and KD Group (+10.98 percentage points). In contrast, foreign ownership decreased the most in Droga (-18.82%) and Merkur (-5.20%).
Market capitalization
On 31 March 2004, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (including shares of investment funds - SIT 224.49) amounted to SIT 2.668 billion, which was by SIT 103.5 billion, or by 4.03%, more than a month before. In comparison to February, the market capitalisation of shares of listed companies increased the most (+5.44%). However, the capitalisation of both the investment funds (+4.48%) and bonds (+1.66%) improved as well.
Year-on-Year the market capitalisation of shares on the official market increased - from SIT 806.53 billion to SIT 1,100.99 billion (by 36.51%). In the same period of time, the market capitalisation of shares on the free market increased by 84.24%, from SIT 232.92 billion, to SIT 429.13 billion. On 31 March 2004, the market capitalisation of all shares traded, without the investment funds (SIT 1,530.1 billion) equalled 26.98% of the GDP in 2003 - SIT 5,670,640 million (at current prices). Source: The Statistical Office of the Republic of Slovenia
