Turnover on all market segments of the Ljubljana Stock Exchange (LJSE) in September 2004 amounted to SIT 33.4 billion, which was 28.9% more than in August 2004, or 5.2% more than this year’s monthly average. Compared to September 2003, turnover increased by 15.6% (+SIT 4.5 billion).
In September, shares accounted for 68.1% of turnover, bonds 19.1% and shares of investment funds 12.8%. There were no transactions in short-term securities. In comparison with the previous months, shares as a proportion of turnover rose most; it was the highest ever in the past two years. Bonds turnover, on the other hand, decreased by almost ten percentage points below this year’s average.
During the 22 trading days in September 30,544 transactions were concluded, or on average 1,388 trades per day. There were by 278 transactions per day more than in August; in comparison with this year’s average, however, there were 2.1% less trades concluded per day in September.
The average daily turnover in September equalled SIT 1.5 billion, which was 28.9% more than the previous month. The average value of a single transaction was SIT 1,093 thousand, an increase by SIT 32 thousand compared to August 2004.
Block trading
LJSE members reported 106 block transactions in September 2004, for a total value of SIT 12.2 billion, or 36.5% of the total monthly turnover, which was 11.9 percentage points below the 2004 average. The average value of a single block transaction in August was SIT 115 million, while the average value of a single transaction without the block trades amounted to SIT 697 thousand.
Indices
The SBI 20, the official market index, gained 0.88% in September. Its record value was registered on 17 September at 4,924.0 points. Out of the 22 trading days in September, the index ended with a positive yield on 13 of them. Within the past twelve months, the index grew by 33.9%.
The IPT Index (Free Market Index) grew by 3.54% in the ninth month of the year. Most of its value was gained in the first half of the month, while on 14 September it exceeded the 4,000 points’ level for the first time. In the second half of September, the index then lost approximately one percent in value but ended the month for the second time in a row with an increase of more than 3%. In the last 12 months, the IPT gained 30.66%
The Investment Funds Index - PIX - increased by 4.60% in September, mostly due to the corrigendum of its value relating to the difficulties with the record date for Zlata moneta 1 shares. Disregarding the above corrigendum, the index actually grew by less than one percent in the past month. Within the last twelve months, the PIX gained 43.60% and was the most profitable LJSE index of that period.
In September, the Bond Index (BIO) rose by 0.73%, which was the most considerable monthly modification of the index in the past years. The BIO gained the most on the last trading day in September, when it grew by 0.23%. In the last 12 months, the index gained 2.4%.
Three industrial sector indices of the Ljubljana Stock Exchange increased in value in September - the Trade Index did the best, with 3.8%; next were Transport (+ 1.9%) and Chemicals (+0.6%). The Oil and Gas Index (-2.7%) and Food and Beverages Indices (-1.7%) lost some of their values in the past month.
Price movements of selected shares
On the official market of the Ljubljana Stock Exchange, prices of twelve shares (out of the total of thirty) grew in September, among them especially the low liquid shares of Nika (+33.1% in the past month). Only four transactions were concluded with them in the last month, in the total value of SIT 295 thousand. Among the more liquid shares, those of Merkur (+15.7%), Krka (+7.0%) and Mercator (+4.4%) gained the most. Prices of sixteen shares decreased in the past month. Shares of Emona obala lost the most in value (-29.4%); and were followed by shares of Geodetski zavod Slovenije (-15.3%) and Mlinotest (-8.1%).
Year-on-year, the prices of twenty-five shares on the official market increased during that period, above all shares of Nika (+166.2%), Krka (+66.2%) and Aerodrom (+64.2%). Prices of three shares decreased, with Emona obala (-30.4%) in the lead, followed also by Comet (-16.9%) and Geodetski zavod Slovenije (-11.1%).
Foreign investments
The net inflow of all non-residents' investments (direct and portfolio investments into shares and bonds, but without primary issues) totalled SIT 1,598.3 million in September; out of that, the inflow on the organised market amounted to SIT 127.4 million, and the inflow on the off-the-organised market SIT 1,470.9 million. In September, foreign investors participated with 6.63% 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 4.3% as at end September 2004. Among the shares with higher market capitalisation, the foreign ownership increased most notably during the past twelve months in LIV Postojna (+76.6 percentage points), Javor Pivka (+2.6 percentage points) and Pivovarna La{ko (+2.2 percentage points). In contrast, foreign ownership decreased the most in Droga (-18.8 percentage points), Merkur (-15.9 percentage points) and Juteks (-14.1 percentage points).
Market capitalization
On 30 September 2004, the total market capitalisation of all securities traded on the Ljubljana Stock Exchange (including shares of investment funds - SIT 229.9 billion) amounted to SIT 2.896 billion, which was by SIT 66.4 billion or 2.3% more than a month before. The biggest growth was recorded by investment funds, due to the increase in number of Zlata moneta 1 ID shares. Admission of new bonds lead to an increase of the bonds’ market capitalisation by nearly 3%.
Year-on-year, the market capitalisation of shares on the official market increased from SIT 895.9 billion to SIT 1,203.3 billion (by 34.3%). In the same period of time, the market capitalisation of shares on the free market grew by 59.2%, from SIT 277.9 billion to SIT 442.5 billion. On 30 September 2004, the market capitalisation of all shares on the LJSE, without the investment funds (SIT 1,654.8 billion), represented 29.0% of the GDP in 2003 - SIT 5,671 billion (at current prices). Source: The Statistical Office of the Republic of Slovenia.
