By the end of November 2023, the total equity turnover on ZSE grew by 43% MoM, and 31% YoY. At the same time, the main index on the exchange, CROBEX, increased by 2.94% MoM and amounted to 2,434.93 points.

During November 2023, the equity turnover on the Zagreb Stock Exchange, ZSE, picked up pace significantly, both on an MoM and YoY basis. As such, during the month, the total equity turnover amounted to EUR 32.8m, increasing by 43% MoM, and 31% YoY. Furthermore, equity block turnover also increased on a MoM basis, by 92%, but it decreased on a YoY basis, by 29%, and amounted to EUR 7.25m. Excluding the block trades, the total equity turnover during November amounted to EUR 25.6m, an increase of 33% MoM, and 72% YoY. As such, the average daily turnover also picked up, amounting to EUR 1.28m during the month.

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

Source: ZSE, InterCapital Research

In terms of the most traded stocks, Podravka leads the way at EUR 4.98m, or 15% of the total equity turnover. Following them there is Span at EUR 2.97m, or 9%, Valamar Riviera, at EUR 2.3m, or 7%, Zagrebačka banka, at EUR 1.89m, or 5.8%, and Hrvatski Telekom, at EUR 1.82m, or 5.6%. Together, the top 5 most traded stocks made up 43% of the total equity turnover during November, while the top 10 most traded stocks made up 58%. 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.

Turning our attention to the performance of the Croatian blue chips, during November, the largest increase was recorded by Končar’s subsidiary, Končar D&ST (pref.), with an increase of 19% MoM. Following them there is Span, at 12%, Podravka at 11%, ZABA at 6%, and Atlantic Grupa, at 5%. On the other hand, Ericsson NT recorded a decline of 4%, and Arena Hospitality Group a decrease of 2%. In contrast, AD Plastik and Končar recorded no changes, while Adris (pref.) as well as HT recorded less than a 1% increase MoM.

Performance of select Croatian companies (November 2023, MoM, %)

Source: Bloomberg, InterCapital Research

Moving on to the YTD performance, out of the 14 observed stocks, 12 recorded increases. Leading the way once again is Končar D&ST (pref.), which grew by a significant 168% YTD, followed by Podravka at 77%, HPB at 69%, Končar at 62%, ZABA at 57%, and Span, at 39%. On the flip side, Ericsson NT recorded a 14% decrease, while Arena’s share price decreased by 4%.

Performance of selected Croatian companies (YTD ending at the end of November 2023, %)

Source: Bloomberg, InterCapital Research