At the end of November 2022, SBITOP grew by 4.4% MoM, ending it at 1,061.66 points.
The total equity turnover on the Ljubljana Stock Exchange amounted to EUR 47.5m, representing an increase of 47% YoY, and 83% MoM. This would also mean that the average daily turnover in November amounted to EUR 2.26m.
In terms of the block trades, two block transactions were made during the month, this being Krka at EUR 11.3m, and Petrol at EUR 9.79m. Excluding these transactions, total equity turnover amounted to EUR 26.4m. Out of this, the largest turnover was recorded by Krka, with a turnover of EUR 10.9m (or 41% of the total), followed by NLB, at EUR 6.6m (or 25% of the total), Cinkarna Celje, at EUR 2.89m (or 11% of the total), Petrol, at EUR 1.66m (or 6.3% of the total), and Triglav, at EUR 1.6m (or 6.1% of the total). In fact, this would mean that the top 5 most traded stocks accounted for 89.6% of the total turnover, while the top 10 would account for 99.6%.
In terms of the indices, Slovenia’s main index, SBITOP, increased by 4.4% and ended the month at 1,061.66 points. At the same time, SBITOP TR also grew by 4.4%, ending the month at 1,328.78 points. On a YTD basis, the SBITOP index declined by 14.5%.
Taking a look at the SBITOP constituents’ performance during the month, we can see that 9 out of 10 companies recorded growth during November. The largest increase was recorded by Cinkarna Celje, with a growth of 13%, followed by Sava Re, with 11.8%, NLB, with 10.1%, Luka Koper, with 9.28%, and Unior, with 8.7%. On the flip side, the only decrease was recorded by Petrol, which declined by 4.9%.
Performance of SBITOP constituents (November 2022, MoM, %)
Source: Bloomberg, InterCapital Research
Meanwhile, on a YTD basis, only Luka Koper recorded growth, increasing by 6.1%. On the other hand, the largest decline was recorded by Krka, which lost 21.2% of its value, followed by Petrol at 18.5%, NLB at 16.5%, Sava Re at 12.5%, and Telekom Slovenije, at 12.1%.
Performance of SBITOP constituents (November 2022, YTD, %)
Source: Bloomberg, InterCapital Research
What this can tell us is that even though the Slovenian equity market managed to somewhat recover during the last 2 months, it is still a lot lower than its levels at the beginning of the year. However, due to the current inflationary and geopolitical situation, as well as the fact that the Slovenian blue chips which make up the majority of the LJSE reached all-time highs in their value at the end of 2021, this decline is to be expected.
