In September 2023, the total equity turnover on the LJSE declined by 49% MoM, and 35% YoY. During the same period, the SBITOP recorded a 1.3% increase MoM, ending at 1,174.31 points. On a YTD basis, SBITOP increased by 12%.
Yesterday, the Ljubljana Stock Exchange, LJSE, published its latest monthly trading activity report, for the month of September 2023. According to the report, the total equity turnover on LJSE amounted to EUR 18.5m, representing a decline of 49% MoM, and 35% YoY. In terms of the average daily turnover, it amounted to EUR 865k during the month. Moving on, SBITOP recorded an increase of 1.28% MoM and ended at 1,174.31 points. Meanwhile, SBITOP TR ended the month at 1,568.10 points, an increase of 1.27% MoM.
Monthly equity turnover on LJSE (January 2022 – September 2023, EURm)
Source: LJSE, InterCapital Research
In terms of the most traded stocks, leading the way is Krka with a turnover of EUR 7.6m, representing 41% of the total equity turnover. Next up, there is NLB at 4.16m, or 22% of the total, Triglav at EUR 1.36m, or 7%, and Petrol, at EUR 1.1m, or 6%. Finally, there is Cinkarna Celje and Luka Koper, at EUR 985.3k (or 5.3% of the total), and EUR 843.7m (or 4.6%), respectively. This would also mean that the top 5 most traded stocks accounted for 82% of the total equity turnover, while the top 10 stocks accounted for 93% of the total.
Moving on to the performance of the SBITOP constituents during September, 5 out of 9 companies recorded an increase, while the remaining 4 recorded negative returns. The biggest gain was recorded by Equinox, with a 6% increase, followed by Krka at 4.8%, Petrol at 4.6%, and Triglav, at 2.7%. On the other hand, the largest decrease was recorded by NLB at 5.1%, followed by Cinkarna at 2.6%, and Sava Re, at 1.7%.
Performance of SBITOP constituents (September 2023, MoM, %)
Source: Bloomberg, InterCapital Research
Meanwhile, on a YTD basis, the gains recorded are a lot more positive. Out of the observed companies, 7 recorded increases, while only 2 recorded negative returns. The largest increase was recorded by Luka Koper, at 26% YTD, followed by NLB at 19%, Krka at 17%, and Petrol at 15%. On the flipside, Triglav declined by 12%, while Cinkarna declined by 1%. The SBITOP index itself recorded a 12% growth YTD.
Performance of SBITOP constituents (2023 YTD, %)
Source: Bloomberg, InterCapital Research
Overall, 2023 thus far has proved to be quite good for Slovenian equity. Recently, there has been a decline in trading and even a decline across several stocks. This came as a result of firstly the flooding and natural disasters in Slovenia, but also news such as the total assets banking tax for Slovenian banks. As such, after the initial negative momentum, trading has been somewhat subdued, especially compared to what the average trading would be.
