ZSE Trading Activity – November 2022

In November 2022, CROBEX decreased slightly by 1.6%, ending the month at 1,898.60 points.

Total equity turnover on ZSE amounted to EUR 25.1m (HRK 224.1m), which represents a significant decrease of 45.3% MoM due to the high base effect. We note that the previous month was significantly boosted by a block transaction of Sunce Hoteli, which amounted to HRK 229.2m (EUR 30.4m). Compared to November in the last year, turnover noted an increase of 26.3% YoY. This also means that during the month the average daily turnover amounted to EUR 1.14m (HRK 8.6m).

We note that there was a significant block trade of Adris (both regular and pref.) recorded during November 2022 amounting to HRK 45.6m (EUR 6.1m), which resulted in Adris (regular) being the most traded stock in November.

Looking at the top 10 most traded stocks, they had a turnover of EUR 18.3m (HRK 138m), which would account for 73% of the total turnover. Breaking this down further, Adris (regular) had the highest turnover, at HRK 41.2m (or 21.8% of total equity turnover) due to the mentioned block turnover. Adris is followed by Podravka with 12.8% of total equity turnover, HT with 8.3%, Atlantic Grupa with 6.5%. and Valamar Riviera with 4.3%. This would also mean that the top 5 most traded companies accounted for 55.6% of the total turnover on the exchange.

Meanwhile, the largest index on the ZSE, CROBEX, decreased by 1.6% during the month and ended at 1,898.60 points. At the same time, CROBEX10 also noted a decrease, which amounted to 1.7% and ended the month at 1,121.29 points. Looking at the CROBEX10 constituents’ performance during the month, less than half of the constituents reported a share increase. Podravka had noted the largest share price increase of 3.3%. Podravka is followed by Ericsson Nikola Tesla and Atlantska Plovidba, both noting relatively flat performance with an increase of only 0.3%. Two constituents at the bottom of the list this month are Arena Hospitality Group and Atlantic Grupa, which recorded an MoM decline of 8.8% and 6.4%, respectively.

Performance of CROBEX10 constituents (November 2022, %)

Looking at the YTD performance, we can see a slightly worse picture. We had 8 companies recording an overall decline, with Atlantska Plovidba being the only one to record an increase amounting to 4% and Podravka with the same share price. The performance of Atlantska Plovidba happened due to the huge demand for shipping in the period. It is due to the fact that trade has recovered at a remarkable rate. But recession fears come with the threat of growing costs and higher risks of falling commodity prices. This has influenced ATPL’s share performance in August, September, October and November despite strong results evidenced. On the other hand, AD Plastik recorded the largest YTD decrease, declining by 51.4%, mostly due to the semiconductor shortage which affected the automotive industry during much of 2021, and is still currently affecting the industry, to a somewhat smaller extent. Combined with the fact that AD Plastik has substantial exposure in the Russian market, after Russia’s invasion of Ukraine, the company recorded some of the largest declines in the share price on the Croatian market due to the weak results. Following them, we have Arena Hospitality and Atlantic Grupa, which decreased by 24% and 22.9%, respectively.

Performance of CROBEX10 constituents (Beginning of 2022 – end of November, %)

Category : Flash News

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