InterCapital remains dedicated to making investments into the region more attractive by supporting transparency and liquidity, and we thank our partners for supporting us in achieving this goal.

Being a market maker means that InterCapital will continuously put both bid (buy) and ask (sell) orders on SPAN shares at a pre-defined spread. The idea is to enable investors to buy or sell the shares (up to a certain size) at any time within a reasonable volatility range.

InterCapital is already an established market maker in Croatia, covering 8 blue-chip companies, all part of the CROBEX index and 2 ETFs. According to our experience, the service accounts for a significant portion of the shares’ total turnover. We are proud of having earned the company’s trust and will do our best to continue providing the best service possible.

Besides that, in 2019, InterCapital reignited market making in Slovenia after 10 years and currently provides the mentioned services to 7 Slovenian blue chips: Krka, Triglav, Petrol, Telekom Slovenije, Sava Re, Cinkarna Celje and NLB.

To read more about the importance of market making click here.

The increase in prices continues as CPI increases in October to 3.8% YoY. The growth was mostly driven by the food and non-alcoholic beverages prices, which as the largest component of the CPI at 27.2%, grew 3.6% YoY. The growth was also driven by the transport prices, which as the second-largest component of the CPI at 13.3% increased by 12.2% YoY.

In October 2021, the prices of goods and services for personal consumption, measured by the consumer price index (CPI) increased by 3.8% YoY on average. Meanwhile, on the annual average, it increased by 1.3%.

CPI for the ten months of this year compared to the same period last year shows an increase in consumer prices of 2%. The growth was mostly driven by food and non-alcoholic beverages prices, which as the largest component of the CPI at 27.2%, grew by 3.6% YoY. The growth was also driven by transport prices, which as the second-largest component of the CPI at 13.3%, rose 12.2% YoY.

CPI (January 2013 – October 2021)*

Source: Croatian Bureau of Statistics, InterCapital Research

*Annual change

When viewed by the main groups by the purpose of consumption, in October 2021, the highest relative increase was experienced in the transport segment, which noted a 12.2% increase YoY. Within the segment, Operation of personal transport equipment increased by 16.5%, while fuels and lubricants for personal transport equipment increased by as much as 24.9% YoY. At the same time, Food and non-alcoholic beverages segment increased by 3.6%. Alcoholic beverages and tobacco noted an increase of 5.8%, which mostly came on the back of the higher tobacco prices (7.1% YoY).

Housing, water, electricity, gas, and other fuels noted an increase of 3%. Within the segment, liquid fuels noted a steep increase of 71.7% YoY, while gas increased by 11.8%.

The only segment which experienced a YoY decrease is clothing and footwear (-0.4% YoY), which holds a 5.68% share of the clothing and footwear segment. At the same time, on a MoM basis, the highest increase was recorded in this segment, by 10.4% on average. This can be attributed to the new collection of clothing and footwear.

Looking at the MoM basis, prices of Transport increased by 1.3% on average, while the prices of Furnishings, household equipment, and routine household maintenance increased by 0.7% on average. The increase in the consumer price indices in October 2021, as compared to September 2021, was alleviated by a decrease of 0.4% on average in the prices of Recreation and culture and of 0.1% on average in the prices of Miscellaneous goods and services.

CPI Sector Breakdown – October 2021 (%)

Source: Croatian Bureau of Statistics, InterCapital Research