In 2024, the total equity turnover on the ZSE increased by 28.5%, accompanied by a 29.3% rise in the CROBEX10 index. Similarly, the total equity turnover on the LJSE grew by an impressive 51.4%, while the SBITOP index advanced by 33% compared to 2023.

Croatia

In 2024, the equity turnover on the Zagreb Stock Exchange amounted to EUR 412m, reflecting a 28.5% increase compared to 2023. Of this, stock turnover accounted for EUR 294m, representing a 10.3% increase. Block turnover saw significant growth, reaching EUR 91.5m (+143%), while ETF turnover amounted to EUR 26m, up 61.6%. Consequently, the average daily turnover also picked up, reaching approximately EUR 1.65m in 2024.

Monthly equity turnover on ZSE (2024, EURm)

Source: ZSE, InterCapital Research

In terms of the most traded stocks on the ZSE in 2024, HT led the way with a turnover of EUR 31.9m, representing 8% of the total equity turnover. It was followed closely by Končar at EUR 31.6m (8%), Podravka at EUR 27.9m (7%), Ericsson NT at EUR 22m (5%), and Končar D&ST at EUR 21.4m (5%). Collectively, the top 5 most traded stocks accounted for 33% of the total equity turnover, while the top 10 most traded stocks comprised 53%.

Turning to the performance of Croatian blue-chip stocks in 2024, Končar recorded the largest increase, with its share price surging by 137%. Its subsidiary, Končar D&ST, followed with an impressive 127% increase. Other notable gainers included HPB (+70%), Valamar Riviera (+47%) and Adris (preff.) increasing by 4%. In contrast, some blue chips experienced declines. Ericsson NT fell by 8%, Podravka by 9%, Span by 12% and Atlantic Group by 13%.

Performance of CROBEX10 constituents (2024, %)

Source: Bloomberg, InterCapital Research

Slovenia

Moving on to Slovenia, the total equity turnover on the Ljubljana Stock Exchange amounted to EUR 486m, reflecting a 51.4% increase compared to 2023. Of this, stock turnover accounted for EUR 444m, representing a 56.5% increase. Block turnover amounted to EUR 41m (+11.7%), while ETF turnover accounted for only EUR 585k, increasing by 58% compared to last year. As such, the average daily turnover reached approximately EUR 1.94m in 2024.

Monthly equity turnover on LJSE (2024, EURm)

Source: LJSE, InterCapital Research

In terms of the most traded stocks on the LJSE in 2024, Krka led the way with a turnover of EUR 157m, representing 32% of the total equity turnover, followed closely by NLB at EUR 152m (31%). Cinkarna Celje (EUR 27.5m, 6%), Sava Re (27.5m, 6%) and Petrol (EUR 26.2m, 5%) are also included in the top 5 most traded stocks on LJSE, together accounting for 80% of the total equity turnover. This is in sharp contrast to the ZSE, where trading is less concentrated given the difference in the number of listed companies.

As for the performance, all Slovenian blue chips recorded price appreciation in 2024, with NLB leading the list as its share price increased by 50%. Following are Sava Re with a 43% increase, Petrol and Cinkarna Celje at 35%, Telekom Slovenije and Krka at 26.5%, Luka Koper at 24%, Triglav with almost 17% and Equinox with a 7.6%

Performance of SBITOP constituents (2024, %)

 Source: Bloomberg, InterCapital Research