By the end of April 2023, BET increased by 1.3% MoM, amounting to 12,267.59 points. Compared to the start of the year, it grew by 5.2%.
The Bucharest Stock Exchange has published the latest trading activity report, for April 2023. In terms of the highlights, the Stock Exchange notes that all of the indices were in the positive territory, with BET-TR (total return) index increasing by 5.2% YTD, while the energy and utilities index, BET-NG, increased by 10.5%. In terms of the main index on the exchange, BET, it grew by 5.2% since the start of the year, while on an MoM basis, it increased by 1.3%.
BVB also notes that the total value of listings in the first 4 months of 2023 exceeded EUR 1bn, which is significant considering the volatility that we have seen in the international capital markets. In terms of equity turnover, it recorded a significant decline MoM of 62.1%, amounting to RON 454.5m. Meanwhile, on a YoY basis, it declined by 11.4%. During April 2023, only 18 working days were recorded, which would mean that the average daily turnover amounted to RON 25.2m.
Performance of BET constituents in April 2023 (MoM, %)
Source: Bloomberg, InterCapital Research
In terms of the performance of the BET constituents, the largest increase on an MoM basis was recorded by Transgaz, whose share grew by 7.9%, followed by DIGI at 7.6%, Purcari at 7.5%, OMV Petrom at 5.3%, Sphera Franchise Group at 4.6%, BRD at 4.4%, and MedLife, at 4.2%. On the flip side, the largest decrease was recorded by Romgaz, which lost 2.1% of its value, followed by Banca Transilvania at 1.8%, and Fondul Proprietatea at 1.2%. In total, out of the 20 members of the index, 13 recorded positive returns in April, while 7 recorded negative returns. Of course, April was not only the month when the majority of the dividend proposals were already made, but also when the majority of the GSM meetings, and thus dividend approvals were made. As such, the results were surely under the influence of this, besides the obvious macroeconomic situation and developments.
YTD performance of BET constituents in 2023 (%)
Source: Bloomberg, InterCapital Research
On a YTD basis, the story is more positive. The largest increase was recorded by BVB, whose share increased by 33.1%, followed by Aquila at 27.2%, Transgaz at 22.1%, and SFG at 21.8%. In total, half of the index constituents recorded >10% returns in this period, while 17 recorded positive returns, and only 3 companies, BRD, Banca Transilvania, and One United Properties recorded decreases, of 4.6%, 3.9%, and 2.3%, respectively.
