In June 2023, total equity turnover increased 23.9% MoM, while CROBEX was up by 4% during the month, ending at 2,347.61 points.
In June, we have seen a positive movement of CROBEX, noting an increase of 4% MoM. The total equity turnover on the exchange, however, is quite different from the previous month. In June 2023, it amounted to a total of EUR 21.5m, which represents an increase of 22.8% YoY and 34.4% MoM. Furthermore, the block turnover amounted to 1.82m. Excluding these trades, the average daily turnover amounted to EUR 1.08m.
Monthly equity turnover on ZSE (January 2022 – June 2023)
Source: ZSE, InterCapital Research
Looking at the top 10 most traded stocks, in total they recorded a turnover of EUR 14.6m, representing 67.6% of the equity turnover during the month. In terms of individual stocks, Podravka recorded the highest turnover, at EUR 2.6m, representing 12.2% of the total. Following them, we have Span with EUR 2.04m (or 9.5% of the total), Adris (pref.) at EUR 1.9m (or 8.9% of the total), Ericsson NT at EUR 1.69m (or 7.8% of the total), and Valamar Riviera, at EUR 1.58m (or 7.3% of the total). This would mean that the top 5 most traded stocks accounted for 45.7% of the total turnover.
Looking at the largest index on ZSE, CROBEX, we note that it recorded a commendable increase of 4% during the month and ended at 2,347.61 points. On the other hand, CROBEX10 experienced an even better 5.5% increase and ended at 1371.59 points.
Performance of CROBEX10 constituents (June 2023, %)
Source: ZSE, InterCapital Research
Moving on to the CROBEX10 constituents during the month, the largest increase was recorded by Podravka, with its share price noting a growth of as much as 15.2%. Podravka is followed by Končar with 11.9% and Arena Hospitality Group with 3.9%. It should also be noted that June was the first month of the trading of the new ETF, 7BET, which tracks the movements of the total return version of the main index of the Bucharest Stock Exchange, BET. During the month, it achieved a turnover of EUR 2.1m, representing app. 10% of the total equity turnover during the month. Furthermore, it recorded a 2.5% MoM increase.
The numbers in June are reflective of the more positive sentiment that we have witnessed thus far during the year. This sentiment was driven by better-than-expected GDP numbers, inflation stabilization, as well as the general macroeconomic outlook being less bleak than it seemed in 2022. However, we note that interest rates have still not peaked and might remain elevated for longer than initially anticipated, which means the macro-outlook still remains uncertain.
