How Much Do Individual Components Impact CROBEX Movement

With the year coming to an end, we decide to present you with a YTD share price performance of CROBEX constituents and how much do individual components impact movement of the index.

This year has definitely been a solid year for the Croatian equity market, which can be observed when looking at the performance of the main index of Zagreb Stock Exchange which noted a 14.8% YTD increase. It is worth noting that this year CROBEX breached 2,000 points for the first time since March 2017, ending yesterday’s trading at 2,009.24 points.

The latest composition of CROBEX includes 15 components of which 12 have observed a share price increase YTD. Out of those, one company observed a triple-digit growth, while seven companies observed a double-digit growth. To be specific, Optima Telekom leads the list with a share price increase of 326% YTD.  To read more about Optima’s share price increase click here. Next come Ericsson NT and Podravka whose share price increased 39.1% and 25.6% YTD, respectively. Končar and Adris preferred follow with an increase of 21.5% and 19.4%. On the flip side, since the beginning of the year, Đuro Đaković and Dalekovod have observed a share price decrease.  

Share Price Performace YTD of CROBEX Components

However, since these companies have different weights in the index, it makes more sense to look at their impact on CROBEX based on their weights. It is also important to mention that CROBEX started 2019 with 19 components and after the revision in March 2019 three companies were excluded from the index (Ingra, Kraš, Viktor Lenac and Jadran).

In 2019, 13 constituents had a positive impact on the movement of CROBEX. Ericsson NT had the highest impact with 55.4 points. Next come Končar and Podravka with 50.9 and 38.1 points, respectively. On the flip side, Atlantska Plovnidba and Đuro Đaković had a negative impact of -13.2 points and -8 points, respectively. It is worth noting that Kraš’ had a relatively insignificant impact on the main index of 0.8 points. Such an impact could be attributed to the fact that Kraš was excluded from the index prior to the surge of the share price .

Impact of Each Individual Component on CROBEX Movement YTD

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