The total turnover of securities on the Exchange amounted to SIT 19.64 billion in October 2000, which is 3.55%higher than the September figure and 29.11% lower than the October 1999 figure. The total value of SIT 192.92 billion of securities traded in the first ten trading months of 2000 was SIT 7 billion below the 1999 figure for the same period. In October 2000, the highest share in the structure of the total turnover was reached by shares (60.49%).The share of turnover of shares of investment funds was 24.44% and of bonds was 13.63%. In October shares recorded the biggest increase in the share of turnover (by 14.07% points)after the three months of falling.This was mostly a result of decrease in the share of shares of investment funds by 20.57% points in the same period. Trading in short-term securities hasn 't occurred in the last six months. Pension coupons made up 0.99% of the total turnover or SIT 195 million. The share of the official market in total turnover in October was 53.12%,which is also the average monthly figure of this year.
The average number of transactions per day in October was 1,334 or 28,020 transactions in twenty-one trading days. In the irst ten months of 2000 the daily average of transactions was 1,590 and was below the average of 1,760 in 1999. In October 2000, like in the other months of this year, the most traded securities were shares of investment funds. The average number of transactions with shares of investment funds was 767 per day or 57.47%o total number of transactions, for shares the figures were 492 or 36.86%. The average daily turnover was SIT 935 million, which is below the average of SIT 1 billion in 1999. The number of shares of companies traded was 2,980,956 and the number o shares o investment funds traded was 106,073,769.
All the most traded shares on the Exchange market (block trades are excluded) were shares of the official market. The five most traded shares of issuers Lek, Krka, Mercator, Radenska and Sava represented 31.00% of the turnover of shares on the Exchange. For the third month running the most traded bonds were bonds of 2nd issue of Slovenska odškodninska druzba, which represented 24.45% of the turnover of bonds on the Exchange in October. Five most traded shares of PIDs (NFD 2,Zlata Moneta 1,Triglav steber 1,Triglav steber 2 and Pomurska Investicijska druzba 2) in October represented 54.48% of the turnover of shares of PIDs on the Exchange. In October 2000, ten most active Exchange members concluded 62.10% of the total turnover. The most active members were Publikum,Nova Ljubljanska banka,Probanka,Abanka and Perspektiva BPD.
Block trading
In October 2000 101 block trades were reported by the Exchange members, with a total value of SIT 10.29 billion.The value of block trades represented 52.38% of the total turnover in October 2000 and was higher than its average level of 49%in 1999 and of 37% in 1998.In the first ten months of 2000 931 block trades were reported with the value of SIT 106.75 billion or 55,33% of the total turnover in the period concerned.
Indices
The Slovenian Stock Exchange Index - SBI 20
In the beginning of October the downward trend of the index SBI 20,which had persisted since the middle of August 2000, moved upwards. In October the value of the index SBI 20 increased by 2.70%from 1,632.29 points to 1,676.42 points.
The index SBI 20 twice changed its trend of movement during the month, hence it didn 't yield a significant return. Between 1 and 10 October the index SBI 20 continued to grow and reached 1,686.14 points, which was its highest level of the month. Ater that index was traded at a slightly higher volatility. In 21 trading days in October the index decreased over ten trading days. The highest average daily change o SBI 20 was 0.99%.The highest increase in value was recorded on 10 October -by 16.51 points and the biggest drop on 13 October -by 14.37 points.
The Non-weighed Slovenian Stock Exchange Index - SBI 20NT
The performance of the Non-weighed Slovenian Stock Exchange Index -SBI 20NT in October was similar in movement to the index SBI 20. Those similar movements have been characteristic since the starting day of calculation of the index SBI 20NT, 1 July 2000. In October the value of the index SBI 20NT increased by 1.11%from 1,638.53 points to 1,656.69 points. The average daily change of SBI 20NT during the whole month was between 0.02%and 0.80%.
The Free Market Index - IPT
In October only the non-sector index IPT, which is composed of ordinary shares of 15 different issuers from the free market, recorded a negative nominal return. At the end of October the value of IPT was 1,483.55 points, hence it recorded a 5.54%decrease compared to the value at the end of September, when it was 1,570.49 points. The value of IPT did not change significantly until 18 October. After that it recorded considerable downward movements and its value dropped by 4.68%by the end of the month.
Index of Authorised Investment Funds - PIX
The highest increase in October was recorded by the index PIX (beside Pharmaceuticals industrial sector index). In October the value of the index PIX increased by 9.99% from 1,233.48 points to 1,356.67 points. During the whole month the index PIX recorded a positive performance and so the spread between the minimum and maximum value was the highest compared to other indices. It amounted to 142.39 points. The highest increase in value was recorded on 5 October - by 2.51%and the biggest drop on 16 October - by 1.11%.
The Stock Exchange Bond Index - BIO
In October the Bond Index BIO started trading at the value o 107.24 points and its value did not change for most of the month. The value o BIO at the end o October was 107.35 points, hence BIO recorded a 0.10%increase in value in October.
Industrial Sector Indices
In October the value of three industrial sector indices increased (Pharmaceuticals,Transport and Trade). The highest increase was recorded by the index Pharmaceuticals (11.92%)due to the constant and high growth of prices of both shares included in the index, Krka and Lek .In the other two sectors, which recorded an upward trend in this month, the indices recorded a more modest increase by 1.63% or Trade and 1.35% or Transport. The value of other three industrial sector indices declined (Food and beverages, Oil and gas and Chemicals).The highest increase was recorded by the index Food and beverages by 5.52%.The index Chemicals dropped by 3.39% and index Oil and gas by 1.24%.
Price movements of selected shares
In October 2000 the prices of twenty-two shares of those listed on the official market increased, five of them by more then 10%. The highest price growth rate was recorded by shares of the bank SKB banka (24.98%). Ordinary and preferred shares of the company Lek, ordinary shares of Tehnounion and Comet also recorded a more than 10% growth in share price in October.
The prices of fourteen shares of those listed on the official market decreased, the highest decline of 26.15%was recorded by Radenska. The shares of GPG,Pivovarna Laško,Aerodrom and Probanka also recorded a more than 5% decline in price in October. In one year period the value of six shares of those listed on the official market increased -among them SKB banka with the highest rise of 14.96%, ordinary and preferred shares of the company Lek and shares of bank Banka Vipa. The shares of Salus and Dolenjska banka reached the same value as the year before. The value of twenty-three shares fell - shares of Kovinotehna (ordinary and preferred), Teh-nounion, Petrol and Nika were the most afffected.
News of the month
In October activities relating to mergers and acquisitions were very intensive: The most active chemical company was Sava,which concluded a takeover of the company Color,Medvode and acquisition of Hotel Toplice, Bled.A takeover of the company Radenska by Pivovarna Laško in food and beverages sector was con-Koloniale cluded and shareholders of Pivovarna Laško decided to issue an additional number of shares. In trade sector the company Zivila Kranj concluded a takeover of the company Gorenjski sejem,Kranj. A takeover bid for the bank Banka Koper was launched by three companies,listed on the official market, Luka Koper,Istrabenz and Intereuropa.
Shares of SKB banka and Lek were the highest gainers in October. SKB banka announced that the bank Raif eisen Zentralbank Oesterreich, AG Wien acquired 6.45% of its shares. Lek announced the intention of listing its depositary receipts GDR on a foreign stock exchange at the beginning of next year.
The monthly inflation rate (the cost of living index) in October was 0.6% vs.1.4% in September. The year on year inflation rate was 9%and 7.6%in the first ten months of 2000. The annual inflation rate was 8% in 1999.
The value of SIT depreciated in October. The Bank of Slovenia exchange rate reached SIT 209.3755 or 1 EUR (vs.SIT 208.6021 on 30 September and SIT 196.5308 on 31 October 1999). On 31 October, the Slovenian tolar exchange rate or USD was SIT 246.4111 or 1 USD (vs. SIT 237.2366 one month ago and SIT 188.0498 one year ago).
Capitalisation
On 31 October 2000 the total market capitalisation of securities, traded on the Exchange (including shares of investment companies) amounted to SIT 1,056.45 billion, almost SIT 42 billion higher than its level on 30 September. The increase was mostly due to an increased market capitalisation of the official market shares by SIT 20 billion and of the shares of investment funds by SIT 12 billion, which in turn were due to the share price growth in the last month. At the end of October 2000 the market capitalisation of forty-four investment funds was SIT 151.24 billion. The total market capitalisation of securities, traded on the Exchange increased by 17.17%in a one year period.
The market capitalisation of the shares listed on the official market of the Exchange increased from SIT 440.77 billion to SIT 501.14 billion or by 13.70% in one year 's time. The capitalisation of shares on the free market increased in the same period by 20.05%.At the end of October 2000,the market capitalisation of all shares traded on the Exchange (official and free markets) (SIT 640.14 billion)made up 17.60%of GDP in the year 1999 - SIT 3,637 billion at current prices.(Source: Statistical Office of the Republic of Slovenia, April 2000).
