The total equity turnover on the Ljubljana Stock Exchange increased 7.4% MoM (+0.8% YoY), while SBITOP grew by 2.1% MoM, ending it at 1,256.40 points. Further, on a YTD level, LJSE experienced robust growth with SBITOP increasing by as much as 16.8%!
The total equity turnover on the Ljubljana Stock Exchange amounted to EUR 26.7m, representing a slight increase of 0.8% YoY, and a solid 7.4% MoM increase. This would also mean that the average daily turnover in July amounted to EUR 1.3m. Finally, we emphasize that LJSE noted a few consequent months of increased liquidity in equity trading this year.
In terms of the indices, Slovenia’s main index, SBITOP, increased by 2.1% MoM during July and ended the month at 1,256.40 points. At the same time, SBITOP TR grew by 3.8% MoM, ending the month at 1.645.51 points.
Monthly equity turnover on LJSE [January 2022 – July 2023]
Source: LJSE, InterCapital Research
In terms of the block trades, four block transactions were made during the month, with Krka leading the list with a block turnover of EUR 3.5m. Further, the other three block transactions amounted to below EUR 1m (Luka Koper, NLB and Petrol). Looking at equity turnover (blocks included), the largest turnover was recorded by Krka, with a turnover of EUR 14.3m (or 53.7% of the total equity turnover for the month!), followed by NLB, at EUR 3.5m (or 13.2% of the total), Luka Koper at EUR 2.8m, Sava Re at EUR 1.4m worth of equity turnover. In fact, this would mean that the top 5 most traded stocks accounted for 87% of the total turnover, while the top 10 would account for as much as 99.1%.
Taking a look at the SBITOP constituents’ performance during the month, we can see that the majority of companies recorded growth during July, while only Krka and Triglav noted a decline of more than 1%, with a decline amounting to 3.4% and 1.7%, respectively. The largest increase was recorded by Luka Koper and NLB – both companies reporting a double-digit growth of 11.6% and 10.9%, respectively. Sava Re follows with a 4.1% share price increase and Petrol with a 2.1% MoM increase. Further, Cinkarna’s share price remained flat during July, while, only Krka, Triglav and Telekom Slovenije noted a decline in share price during July.
Performance of SBITOP constituents (July 2023, MoM, %)
Source: Bloomberg, InterCapital Research
Looking at the YTD level, one can notice a more pronounced development of the Slovenian market. 7 out of 9 SBITOP constituents, along with the index itself, noted positive development, while the majority of those companies noted a strong double-digit growth. The biggest contributor to SBITOP growth on the YTD level was by far NLB with 29.8% YTD growth, combined with the second biggest weighting in the index (20.4% weight in SBITOP). Further, Krka, as the biggest heavyweight in the index, also noted a strong double-digit growth of 19.6%. Finally, the third biggest heavyweight, Petrol, is the third biggest company within the index to also noted a strong development with a 15.5% gain. This explains the majority of SBITOP’s movement during this year, so far. The only two constituents that noted a negative share price development were Equinox and Trigalv with declines of 3.6% and 3.5%, respectively.
Performance of SBITOP constituents (YTD 2023, %)
Source: Bloomberg, InterCapital Research
