In September 2022, CROBEX decreased by 4.7%, ending the month at 1,906.28 points.
Total equity turnover on ZSE amounted to EUR 56.7m (HRK 427.5m), which represents a significant increase of 4.4x MoM and an increase of 40.5% YoY. This also means that during the month the average daily turnover amounted to EUR 2.58m (HRK 19.4m).
We note that there were significant block trades of Tankerska Next Generation recorded during September 2022 amounting to HRK 248.5m (EUR 33m). These purchases were made by Tankerska Plovidba, the majority shareholders in Tankerska Next Generation, and due to the size of the transactions, various Croatian pension funds had a stake in the Company. Combined with the purchases made on the exchange during September, Tankerska Plovidba managed to acquire a total of 91.41% stake in Tankerska Next Generation. Afterward, trading of Tankerska Next Generation shares was suspended on the ZSE, and Tankerska Plovidba announced a voluntary takeover bid for the remaining shares in Tankerska Next Generation. If you would like to read more about this, click here.
Looking at the top 10 most traded stocks, they had a turnover of EUR 49.4m (HRK 372m), which would account for 87% of the total turnover. Breaking this down further, Tankerska Next Generation had the highest turnover, at HRK 274.5m (or 73.8%) due to the mentioned block turnover. Tankerska is followed by HT with 6.1% of total equity turnover, Valamar Riviera with 4%, Atlantska Plodivba with 3.8%. and Podravka with 3.7%. This would also mean that the top 5 most traded companies accounted for 91.3% of the total turnover on the exchange.
Meanwhile, the largest index on the ZSE, CROBEX, decreased by 4.7% during the month and ended it at 1,906.28 points. At the same time, CROBEX10 decreased by 5.9% and ended the month at 1,27,67 points. Looking at the CROBEX10 constituents’ performance during the month, each of the constituents reported a decline. AD Plastik had the largest decrease of 12.1% followed by Valamar Riviera at an 11.3% decline. Next is Atlantic at 9.7% followed by Adris and Arena Hospitality Group, both decreasing by 8% during the month. Two constituents with the best relative performance (or should we say the smallest decline in price) are Končar and Atlantska Plodivba, which recorded a MoM decline of 0.6% and 2%, respectively.
Performance of CROBEX10 constituents (September 2022, %)
Looking at the YTD performance, we can see that these trends are even more prominent. Again, we had 9 companies recording an overall decline, with Atlantska Plovidba being the only one to record an increase amounting to 4.8%. Performance of Atlantska Plovidba happened due to the huge demand for shipping in the period (something that continues to this day, but under higher costs and under higher risks of falling commodity prices due to recession fears, something that influenced ATPL’s performance in August and September despite good results). On the other hand, AD Plastik recorded the largest YTD decrease, declining by 55.4%, 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 Croatia market, something that it still hasn’t recovered from. Following them, we have Arena, which posted solid top-line results in H1 2022, but is still reeling from lower profitability due to higher OPEX, Atlantic, Ericsson NT, which again, had a somewhat positive top line but negative profitability results. They are followed by Valamar Riviera and Podravka, which was also affected by the rising OPEX costs.
Performance of CROBEX10 constituents (Beginning of 2022 – end of September, %)
