In February 2024, the total equity turnover on ZSE further grew by 12.7% MoM, and a much as 53.8% YoY. At the same time, the main index on the exchange, CROBEX, increased by 2.3% MoM and amounted to 2,727.54 points.
During February 2024, the equity turnover on the Zagreb Stock Exchange, ZSE, picked up pace, both on an MoM and YoY basis. As such, during the month, the total equity turnover amounted to EUR 33.4m, further increasing by 12.6% MoM, and noting a strong 53.8% YoY growth. Furthermore, equity block turnover amounted to EUR 3.3m. Excluding the block trades, the total equity turnover during January amounted to just over EUR 30m. As such, the average daily turnover also picked up, amounting to EUR 1.6m during February.
Monthly equity turnover on ZSE (January 2022 – February 2024)
Source: ZSE, InterCapital Research
In terms of the most traded stocks, Končar Group leads the way at EUR 3.4m, or 10.2% of the total equity turnover. The attention on ZSE can also be seen in Končar’s share price development during February. Following Končar Group, there are Zaba and Podravka, with EUR 3.1m and EUR 2.7m, or 9.4% and 8% of total equity turnover, respectively. Ericsson NT is to follow at EUR 2.6m, or 7.7%, Končar D&ST, at EUR 2.1m, or 6.4%, and Adris (pref.) at EUR 2m, or 6.1% of total turnover on ZSE. Together, the top 5 most traded stocks made up 41.7% of the total equity turnover during February, while the top 10 most traded stocks made up 67.6%. This is in sharp contrast to the Ljubljana Stock Exchange, where trading is concentrated to a high degree in the first 5, and especially the first 10 most traded stocks. Of course, given the difference in the number of listed companies on ZSE/LJSE, this is to be expected.
We note that the end of February was marked by the quarterly results season, resulting in overall volatility on the Zagreb Stock Exchange. Turning our attention to the performance of the specific Croatian blue chips, during February, the largest increase was recorded by HPB with an increase of as much as 27.3% MoM, closely followed by Končar Group with 17.1% MoM growth. Končar grew on the back strong Q4 and the whole 2023 overall. 2023 was the record year considering both top-line and net income to the majority. The Končar Group top line grew by as much as 28%, translating to a 35% growth in the bottom line. Besides that, Končar reported a strong backlog position currently standing at EUR 1.42bn. Končar’s normalized EBITDA margin grew by 3.8 p.p. to a double-digit 12.4%.
Following HPB and Končar Group, there is Adris (pref.) with a slight 3.4% growth. On the other hand, Atlantska Plovidba recorded a decline of 10.7%, while Podravka noted a decrease of 5.6%. Further, Span decreased by 4%, on the back of lower than expected Q4 results. Finally, HT and Valamar Riviera remained overall flat during February. Overall, CROBEX noted a strong increase of 5.2% during months.
Performance of select Croatian companies (February 2024, MoM, %)
Source: Bloomberg, InterCapital Research
