The total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in November 2004 amounted to SIT 33.1 billion, which was 26.1% more than in October 2004, or 5.6% more than this year's monthly average. Compared to November 2003, the total turnover increased by 6.9% (SIT 2.2 billion).
In November 2004, shares accounted for 50.9% of structure, bonds 31.4% and shares of investment funds 17.7%. There were no transactions in short-term securities. In comparison with last year's average, shares accounted for 5% of turnover.
During the 21 trading days in November 39,479 transactions were concluded or in average 1,880 trades per day. There were 839 transactions per day less than in October. In comparison with this year's average, however, there were 36.5% more trades per day concluded in November.
The average daily turnover in November equalled SIT 1.6 billion, which was 26.1% more than a month before. The average value of a single transaction was SIT 840 thousand, which was a decrease of SIT 363 thousand if compared to October 2004.
Block trading
The LJSE members reported 125 block transactions in November 2004, in the total value of SIT 15.1 billion, or 45.7% of the total monthly turnover, which was 2.6 percentage points below the 2004 average. The average value of a single block transaction in November was SIT 121 million, while the average value of a single transaction without the block trades amounted to SIT 457 thousand.
Indices
The SBI 20, the official market index, gained 0.39% in November. Out of the 21 trading days, the index ended with a positive yield on 14 of them. The index did particularly well in the beginning of the month, as it gained 2.3% within the first 16 days. On 15 November, it also registered its historical record high at 4,935.29 points; within the past twelve months, the index grew by 22.8%.
The IPT Index (Free Market Index) grew by 0.56% in the eleventh month of this year. Similarly to the SBI 20, also the IPT started the month very well and reached its record high on 15 November, at 4,193.25 points. In comparison to the previous months, it has been rather less volatile as its average daily change in November amounted to merely 0.30%. In the last 12 months, the IPT Index gained 24.2%.
The Investment Funds Index - PIX - increased by 4.12% in November, thus qualifying for the far most profitable LJSE index of the past month. The PIX lost some of its value only on three days in the month, while its record high was registered on 26 November. Within the last twelve months, the PIX Index gained 40.3 %.
In November, the Bond Index (BIO) rose by 0.65%; it thus continued its growing trend. In the last 12 months, the index increased by 2.8%.
In November, two out of five LJSE industrial sector indices increased in value the Oil and Gas Index did the best (+2.5%). It was followed by the Transport Index (+1.8%) while the Trade (-1.3%), Food and Beverages (-1.1%) and the Chemicals Indices (-0.8%) lost some of their value.
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of sixteen shares (out of the total of twenty-nine) grew in November. Shares of Aerodrom grew the most, with 7.9% in the past month. Among the more liquid shares, those of Petrol (+3.7%) and Kolinska (+3.3%) gained the most. Prices of eleven shares decreased in the past month. Shares of Emona obala lost the most in value (-11.4%) as well as Kompas MTS (-8.5%) and Etol (-3.2%).
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 (+73.6%), Krka (+63.2%) and Merkur (+43.9%). Prices of nine shares decreased, with Emona obala (-36.4%) in the lead, followed also by Comet (-29.5%) and Pivovarna Union (-11.5%).
Foreign investments
The net inflow of all non-residents' investments (direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 6,759.4 million in November; out of that, the inflow on the organised market amounted to SIT 218.9 million and the inflow on the off-the-organised market SIT 6,540.5 million. In November, foreign investors participated with 5.2% 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 4.0% as at end November 2004. Among the shares with higher market capitalisation, the foreign ownership increased most notably during the past twelve months in Pivovarna La{ko (+1.8 percentage points), Zito (+0.9 percentage points) and Terme Catez (+0.4 percentage points). In contrast, foreign ownership decreased the most in Istrabenz (-19.1 percentage points), Droga (-18.7 percentage points) and Merkur (-14.2 percentage points).
Market capitalization
On 30 November 2004, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (including shares of investment funds - SIT 239.3 billion) amounted to SIT 2.983 billion, which was by SIT 22.8 billion or 0.8% more than a month before. The highest growth was recorded by the shares of the investment funds. Their market capitalisation increased by SIT 9.8 billion, or 4.3%. Also the market capitalisation of the two other types of securities grew in value - with shares by 0.6% and bonds by 0.2%.
Year-on-year, the market capitalisation of shares on the official market increased from SIT 976.2 billion to SIT 1,220.3 billion (by 25.0%). In the same period of time, the market capitalisation of shares on the free market grew by 40.5%, from SIT 333.9 billion to SIT 469.3 billion. On 30 November 2004, the market capitalisation of all securities on the LJSE, without the investment funds (SIT 1,689.5 billion), represented 29.8% of the GDP in 2003 - SIT 5,671 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
