In June 2024, the total equity turnover on ZSE further grew by 2.3% MoM, and 26.6% compared to June 2023. At the same time, the main index on the exchange CROBEX, increased by 0.8% on a MoM basis and amounted to 2,829.79 points.

During June 2024, the equity turnover on the ZSE experienced growth on both a monthly and annual basis. The total equity turnover for the month amounted to EUR 29.6m, marking an increase of 2.3% MoM and a significant 26.6% growth YoY. Of this, block trades accounted for EUR 9.7m, which is roughly EUR 2m more than the previous month. Excluding block trades, the equity turnover amounted to slightly above EUR 19.8m. The average daily equity turnover also rose, reaching EUR 1.4m in June.

Monthly equity turnover on ZSE (January 2022 – June 2024)

Source: ZSE, InterCapital Research

Among the most traded stocks, Adris grupa (pref.) led with EUR 3.3m, representing 11.3% of the total equity turnover. Ericsson NT followed with EUR 2.6m or 8.7% of the total, and Valamar Riviera with EUR 2.3m or 7.9% of the total. Podravka and Končar were next, with turnovers of EUR 2.1m, representing 7% of the total, and EUR 1.6 million or 5.5% of the total, respectively. The top 5 most traded stocks together accounted for 40.4% of the total equity turnover, while the top 10 made up 59.7%. This is in contrast to the Ljubljana Stock Exchange, where trading is more heavily concentrated in the top 5 and top 10 stocks, a reflection of the differing numbers of listed companies on the ZSE and LJSE.

In terms of individual stock performance, Končar recorded the largest MoM increase at 4%, followed by Adris Group with a 2.7% growth. Most of the other CROBEX10 constituents saw growth between 0% and 2%, except for Atlantic Grupa, Span, and Valamar Riviera, which declined by 1.8%, 1.7%, and 0.8% respectively.

Performance of select Croatian companies (June 2024, MoM, %)

Source: Bloomberg, InterCapital Research

Looking at YTD performance, five out of ten observed stocks reported positive figures. Končar led with a 39% increase, followed by HPB at 23%, HT at 9.9%, and Valamar Riviera at 8.5%. On the other hand, Atlantic Grupa, Podravka, and Ericsson NT recorded losses, of 2.7%, 2.1%, and 2%, respectively, while Atlantska Plovidba recorded no growth.

Performance of select Croatian companies (2024 YTD, %)

Source: Bloomberg, InterCapital Research