In November 2023, the total equity turnover on the LJSE further increased by 58.3% MoM, and declined 28.8% YoY. During the same period, the SBITOP recorded a slight 3.8% decrease MoM, ending at 1,209.31 points. On a YTD basis, SBITOP increased by 15.6%.
Ljubljana Stock Exchange, LJSE, published its latest monthly trading activity report, for the month of November 2023. According to the report, the total equity turnover on LJSE amounted to EUR 37.3m, representing an increase of 58.3% MoM, and a 28.8% YoY decline. In terms of the average daily turnover, it amounted to EUR 1.5m during the month. Moving on, SBITOP recorded a solid increase of 3.8% MoM and ended at 1,209.31 points. Meanwhile, SBITOP TR ended the month at 1,614.45 points, with the same 3.8% MoM increase.
Monthly equity turnover on LJSE (January 2022 – November 2023, EURm)
Source: LJSE, InterCapital Research
In terms of the most traded stocks, leading the way is Krka with a turnover of EUR 11.9m, representing 35% of the total equity turnover. Next up, there is Telekom Slovenije at 7.3m, or 21.7% of the total, NLB at EUR 7m, or 20.7%, and Zavarovalnica Triglav, at EUR 2.3m, or 6.7%. Finally, there is Petrol, at EUR 1.6m (or 4.6% of the total). This would also mean that the top 5 most traded stocks accounted for 88.7% of the total equity turnover, while the top 10 stocks accounted for as much as 99.9% of the total, which is in line with historical shares of total equity turnover in Slovenia. However, we note that total equity turnover regarding Telekom Slovenije (of mentioned EUR 7.3m) is driven by block transactions of total turnover amounting to EUR 5.5m.
Moving on to the performance of the SBITOP constituents during November, 6 out of 9 companies recorded an increase, while the remaining 3 recorded negative returns. The biggest gain was recorded by NLB with a double-digit increase of 10.7%, followed by Sava Re at 9.8%, Telekom Slovenije at 6.3%, and Petrol, at 2.6%. On the other hand, the largest decrease was recorded by Cinkarna Celje at 7.9%, followed by Equinox at 4.8%, and Luka Koper with a slight 0.7% decline. This month was marked by the announcement that NLB will acquire Summit Leasing, a leading provider of auto finance in Slovenia. The acquisition is expected to increase NLB’s RWAs by app. EUR 700m, within its EUR 4bn capacity for M&As. You can read it in more detail here. Also, the Slovenian Government further cut fuel margins, putting additional pressure on Petrol’s share price. You can read more about it here. However, with just a slight delay, Petrol submitted a petition for the review of the aforementioned decree on caping petroleum products.
Performance of SBITOP constituents (November 2023, MoM, %)
Source: Bloomberg, InterCapital Research
Meanwhile, on a YTD basis ending in November 2023, the gains recorded are more pronounced with overall SBITOP’s double-digit return amounting to 15.6%. Out of the observed companies, 6 recorded increases, Equinox’s share price was flat, while only 2 recorded negative returns. The largest increase was recorded by NLB, at 32.7% YTD, boosted by the latest trading days on the back of solid Q3 results published recently. NLB is followed by Telekom Slovenije at 26.1%, Luka Koper at 21.4%, and Petrol at 19.5% also on the back of good Q3 results that showed stabilization. Equinox remained flat, while Triglav noted the biggest decline of 12.8%. Cinkarna declined 4.3% due to weak operating results. Overall, in 9M 2023, most of the Slovenian blue chips recorded top line growth. Slovenian insurers were hit on P&L in Q3 from higher CAT claims due to natural disasters in Slovenia & region. However, a positive impact from inv. results can already be seen on the back of higher interest rates.
Performance of SBITOP constituents (2023 YTD ending in November 2023, %)
Source: Bloomberg, InterCapital Research
