Last Friday, the Zagreb Stock Exchange (ZSE) published the results of its regular revision of equity indices, including CROBEX and CROBEX10. Two new companies, Žito and Đuro Đaković will be added to CROBEX, while ING-GRAD enters the CROBEX10. The changes take effect after market close on 19 September, with the new index compositions applied from 22 September.
Starting next Monday, CROBEX and CROBEXtr will trade under a new revised composition. The new constituents are Žito [ZITO CZ] and Đuro Đaković [DDJH CZ], while Istarska Kreditna Banka Umag [IKBA CZ] will be removed.
Although IKBA recorded a solid turnover of EUR 2.6m between 1 March and 29 August (the reference period), higher than Đuro Đaković’s EUR 1.1m, market capitalization trends explain the change. IKBA’s share price fell 15.8% over the period, while DDHJ surged 194.1%, driven by expectations of EU infrastructure and defense spending. Žito, which only began trading on 28 July, delivered a modest 1.0% price gain versus its IPO level but still generated a turnover of EUR 3.2m in just a fraction of the observed period.
Price development and turnover of IKBA, ZITO, and DDJH (%, EURm, 1 Mar – 29 Aug 2025)
Source: Zagreb Stock Exchange, InterCapital Research
The CROBEX10 and CROBEX10tr also welcomes a newcomer – ING-GRAD [IG CZ], another recently listed Croatian company. After entering CROBEX after the April extraordinary revision, IG now advances into the top 10. Since it started trading on 10 March, the stock gained 17.4% (in the reference period), with a turnover of EUR 20.8m, making it one of the most liquid names on the ZSE.
By comparison, Span [SPAN CZ] also posted a strong performance, rising 14.7% with a turnover of EUR 5.8m. However, ING-GRAD’s larger size secured its promotion, leading to Span’s exclusion from the CROBEX10.
Price development and turnover of SPAN and IG (%, EURm, 1 Mar – 29 Aug 2025)
Source: Zagreb Stock Exchange, InterCapital Research
The revised indices will be calculated with the new compositions starting 22 September, following the close of trading on 19 September. For full details, refer to the official ZSE announcement here.