In August 2023, total equity turnover increased 61%, MoM, with CROBEX increasing by 1.8% during the month, ending at 2,450.42 points.

In August, we saw a positive movement of CROBEX, noting an increase of 1.8% MoM. The total equity turnover on the exchange is further elevated compared to the previous month. In fact, by the end of the month, the total equity turnover amounted to EUR 41.8m, which represents an increase of 228% YoY and 61% MoM. Finally, the block turnover amounted to EUR 5.3m. Excluding the block trades, the average daily turnover amounted to EUR 1.9m.

Monthly equity turnover on ZSE (January 2022 – August 2023)

Source: ZSE, InterCapital Research

Looking at the top 10 most traded stocks, in total they recorded a turnover of EUR 28.6m, representing 68.3% of the equity turnover during the month. In terms of individual stocks, Podravka recorded the highest turnover, at EUR 11.5m, representing 27.7% of the total equity turnover on ZSE during the whole month. Following Podravka, there is Span with EUR 4.2m (or 14.8% of the total), Valamar Riviera at EUR 3.4m (or 12% of the total), Zagrebačka banka at EUR 2.9m (or 7% of the total), and HPB, at EUR 1.7m (or 4.2% of the total). This would mean that the top 5 most traded stocks accounted for 57% of the total turnover.

Looking at the largest index on ZSE, CROBEX, we note that it recorded a commendable increase of 1.8% during the month and ended at 2,450.42 points. On the other hand, CROBEX10 experienced an even more pronounced 4.92% increase and ended at 1,485.21 points.

Performance of CROBEX10 constituents (August 2023, MoM, %)

Source: ZSE, InterCapital Research

Moving on to the CROBEX10 constituents during the month, 3 out of 10 companies recorded growth, 2 recorded no change, and 5 recorded decreases. The largest increase was recorded by Podravka and Atlantic Grupa, with its share price noting an increase of 22.3% and 4%, respectively. They are followed by Končar at 2%. Ericsson NT and HT recorded no change, while on the other hand, Span recorded the largest decrease, at 8%, followed by Atlantska Plovidba, at 8%.

Performance of CROBEX10 constituents (2023 – end of August 2023, %)

Source: ZSE, InterCapital Research

Moving on to the YTD performance ending at the end of August, one can notice a more pronounced positive sentiment. We had 8 out of 10 CROBEX10 constituents in green, with the majority of them noting a solid double-digit return. Podravka’s share price development, without a doubt, leads the list with an increase of as much as 72.9%. Podravka is followed by Končar and Span with a strong double-digit increase of 68.1% and 55.7%, respectively. Adris (pref.) follows them with 18.4%, Atlantic Grupa with 14.6%, HT with 10.8%, and Arena Hospitality Group with 9.5%. Finally, Valamar Riviera also noted a high single-digit increase of 6.2%. Atlantska Plovidba and Ericsson NT are the only two companies to note a negative share price development with a 0.6% and 7.6% decline on a YTD basis. This resulted in overall CROBEX10 growth of 28.5% YTD.