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During the first six months of 2004, the total turnover on all market segments of the Ljubljana Stock Exchange (LJSE) amounted to SIT 203.35 billion, which was by 30.1% or SIT 47.1 billion more if compared to an equivalent period last year. The busiest month was April, with SIT 40.7 billion, while the June turnover equalled the least - SIT 26.6 billion.
In the LJSE turnover structure of the first half-year in 2004, shares made for 53.5%, bonds contributed 31.9% and shares of investment funds participated with 14.6% in the total. There were no short-term securities' transactions. In comparison to 2003, the participation level of shares in the total turnover rose by 10 percentage points; both the share of bonds and investment funds decreased accordingly.
During the 125 trading days of the first half-year in 2004, 182,306 transactions were concluded (23,128 more if compared to an equivalent period last year), in average 1,458 trades a day. Most transactions were executed with shares of listed companies (62.7%) and those of investment funds (32.4%).
The average daily turnover in the first half of 2004 was higher by 27% if compared to the first half-year in 2003, amounting to SIT 1.6 billion. The average value of a single transaction was SIT 1,115,409 and exceeded last year's results by SIT 134 thousand.
Block trading
In the period from January to June 2003, the Stock Exchange members reported 603 block trades, in total value of SIT 102.8 billion, which added up to 52.2% of the overall LJSE turnover, thus having remained on the level of the 2003 average. The average value of a single block trade this year was SIT 170 million (SIT 26 million more than a year before), while the average single transaction, excluding block trades, was SIT 553 thousand.
Indices
During the first six months of 2004, all three major LJSE indices increased in value. The Slovene Stock Exchange Index, SBI 20, rose by 13.1% in that period; with four months ended in the positive, in particular January, March and April, when the yield was more than 6%. The index recorded its worst results in May, when its value dropped by 5.4%. The SBI 20 displayed some increased volatility if compared to an equivalent period of the past year, as its value changed in average by 0.44% per day (in the first half of 2003, by 0.38%).
The IPT Index gained 6.8% in value during the first 125 days in 2004. On 23 April, it reached its historical high at 3,996.99 points; it ended in the positive for four respective months. January was the most prominent month, when the IPT gained 7.9%, while, on the other hand, it lost the most of its value in May - 7.7%.
During the first half year in 2004, the PIX Index - Investment Funds Index - gained 21.5%, and thus qualified for the most profitable LJSE index. It ended in the positive in 59% of all trading days, and the only month with some loss of value (-8.4%) was May. On the other hand, in January and April, the PIX gained more than 10%. The PIX Index was the most volatile LJSE index in the first half year in 2004.
The Bond Index, BIO, gained 0.7% in the first half of 2004, and thus fell behind the results of the equivalent period the year before, when it had gained altogether 3.1%.
All five industrial sector indices of the LJSE ended the first half year 2004 in the positive. The highest gainer was the Transport Index, which increased by 27.4% in the first six months of the year, and was followed by Chemicals (+14.5%), Trade (9,6%), Oil and Gas (+6.0%) and Food and Beverages (+0.44%).
Price movements of selected shares
On the official market, prices of twenty-one shares increased during the first six months of 2004, out of a total of thirty-two shares. Shares of Aerodrom Ljubljana were the leading ones, with 41.9%. Shares of Krka were the second best (+28.8%), followed by Intereuropa (+27.9%). The value of ten shares decreased this year; shares of Terme 3000 declined in value by 19.4%, followed by shares of Comet (-18.8%), and shares of Pivovarna Union (-12.7%).
Foreign investments
The total net outflow of foreign investments during the first six months of 2004 (direct and portfolio investments into shares and in bonds, without primary issues) amounted to to SIT 1.1 billion, while in the equivalent period of the previous year an inflow of SIT 44 billion had been recorded. This year, the inflow on the organised market totalled SIT 424 million (in the first half year in 2003, the outflow SIT 476 million). Off-the-organised market, in contrast, displayed an outflow of SIT 1.5 billion. In 2004, nonresidents participated with 8.1% in the total turnover of shares on the LJSE. Foreign ownership in Slovene companies (market capitalisation as at the last day of June) equalled 4.66%.
Market capitalization
On 30 June 2004, the market capitalisation of all securities traded on the Exchange (including shares of investment funds - SIT 221.6 billion) totalled SIT 2,727.2 billion, and thus increased by 11.7% or by SIT 285 billion during the last six months. In comparison with the end of last year, the capitalisation of shares increased the most, by SIT 183 billion (+13.7%). The admission of new bonds into trading on LJSE resulted also in an increase of the market capitalisation of bonds, by SIT 107 billion (+12.2%). Due to the restructuring of PIDs into regular joint-stock companies, the market capitalisation of investment funds, on the other hand, decreased by SIT 5 billion.
Since the beginning of 2004, market capitalisation of shares listed on the official market grew from SIT 978.1 billion to SIT 1,110.1 billion (by 13.5%); in the same period, market capitalisation of shares on the free market increased by 14.2% - from SIT 362 billion to SIT 413 billion. On 30 June, market capitalisation of all shares traded on LJSE was equal to SIT 1,523 billion, and represented 26.86% of GDP for 2003 - SIT 5,671 billion at current prices, according to the Statistical Office of the Republic of Slovenia.
