In April 2023, total equity turnover decreased 21.93% MoM, while CROBEX was down slightly by -0.3% during the month, ending at 2,230.85 points.
In April, we have seen a flat movement of CROBEX, noting but a slight decrease of 0.3% MoM. The total equity turnover on the exchange, however, is quite different to the previous month. In April 2023, it amounted to a total of EUR 20.33m, which is a decrease of 86.88% YoY and an decrease of 21.93% MoM. The decrease on a yearly level is evident and further amplified due to exceptionally strong trading in April last year. This month’s block turnover amounted to only EUR 1.98m, which would mean that the block turnover accounted for only 9.8% of the total equity turnover. In total, only 2 block trades were made during the month, HT contributing with EUR 1.5m and Atlantic Grupa with EUR 500k. Furthermore, this would also imply an average daily equity turnover of EUR 1.07m.
Turning our attention to the top 10 most traded stocks, in total, they recorded a turnover of EUR 13.6m, accounting for 67% of the equity turnover during the month. The highest turnover was recorded by SPAN, at EUR 4.2m, or 20.5% of the total, followed by Valamar Riviera, at EUR 1.7m, or 8.2% of the total. ZABA and HT are following the list with 7% and 6.2% of total equity turnover, respectively. This would also mean that the top 5 most traded stocks accounted for 46.8% of the total turnover. Overall, we note that Span continued to be the most attractive stock on ZSE, after leading the list for the whole Q1 2023.
Looking at the largest index on ZSE, CROBEX, we note that it recorded just a slight decrease of 0.3% during the month and ended at 2,230.85 points. On the other hand, CROBEX10 experienced a 0.6% increase and ended at 1,281.93 points.
Performance of CROBEX10 constituents (April 2023, %)
Source: ZSE, InterCapital Research
Looking at the CROBEX10 constituents during the month, the largest increases were recorded by Span, with its share price double-digit growth of 13%. It is followed by Adris with 4% Končar with 1.6%. The positive sentiment that lasted throughout the whole first quarter has shrunk slightly. The sentiment during Q1 was driven by warmer-than-expected winter, inflation stabilization, as well as the general macroeconomic outlook being less bleak than it seemed a couple of months ago. However, the recent bank uncertainties with the balance sheets of banks have appeared and shaken the sentiment recovery.
Performance of CROBEX10 constituents (YTD, %)
Source: ZSE, InterCapital Research
Looking at the YTD performance, one can notice a more pronounced positive sentiment. We had 9 out of 10 CROBEX10 constituents in green, with the majority of them noting a solid double-digit return. Span’s share price development, without the doubt, leads the list with an increase of as much 62.6%, which is in line with mentioned Span’s price development during April (+13.2%). Span is followed by Atlantska Plovidba and Adris (pref.) with 21% and 20.1% increase, respectively. Arena Hospitality is to follow with 17.1% increase, Končar with 12.1%, Podravka with 11% and Atlantic Grupa with 10.2%. Finally, also HT and Valamar Riviera noted a high single-digit increase of 8.7% and 8.2%, respectively. Ericsson NT is the only company do note a negative share price development of shy 1.5% decline. This resulted in CROBEX growth of 13.% and slightly lower return of CROBEX10, which amounted to 11.6%.