Trading statistics for September 2019 show an average daily turnover of EUR 3.87m (+257% YoY). Meanwhile, the major index CROBEX ended September with an increase of 4.81% ending at 1,963.54 points.

The Zagreb Stock Exchange (ZSE) published their trading statistics for September 2019, showing a total equity turnover of EUR 81.36m. This translates to an average daily turnover of EUR 3.87m (+257% YoY). To put things into a perspective, the turnover in September would account for almost a third of this year’s equity turnover on the ZSE. It is worth mentioning that the last time that ZSE observed such a high equity turnover was in March 2017, when the total equity turnover amounted to EUR 80.7m.

Such a high increase in turnover could be attributed to mostly to Kraš, whose share observed a turnover of HRK 370.5m(+ HRK 369.5m MoM). The sharp rise in turnover came after the announcement that their largest shareholder Mesna Industrija Braća Pivac acting in concert with KRAŠ-ESOP has the intent to publish a takeover bid. In parallel to this event, Kappa Star Limited (KSL) started buying large volumes of Kraš’ share, which eventually led to a 150% increase in the share price (compared to the beginning of September). According to the Zagreb Stock Exchange, Kappa Star Limited currently owns 21.85% of the share of Kraš, making them the second largest shareholder, after Mesna Industrija Braća Pivac (30.73%). To read more about Kraš click here.

Of the total traded value traded in the period (excluding block transactions), Kraš generated 65.1%, followed by Podravka with 4.6%, HT with 4.1%, Valamar Riviera with 4%,  Optima Telekom with 3%. These 5 shares generated 80% of the turnover recorded by the entire (equity) market.

When observing the total equity market capitalization, it observed an increase of 7.4% YoY, amounting to HRK 145.5bn. Ina’s share is the biggest constituent of the total exchange’s equity market capitalization, accounting for about 21.8% of the total value. Next, come two Croatian banks – Zagrebačka banka and PBZ with 13.2% and 10.3%, respectively. Further, HT holds 9.4% while Adris accounts for 4% of the total market capitalization value.

When compared to the beginning of the month the main index CROBEX recorded a sharp increase of 4.81%, ending at 1,963.54 points. The mentioned increase could mostly be attributed to the increase in share price of Podravka, Atlantic Grupa and Končar, which combined hold more than a third of the weight in the index. Meanwhile, CROBEXnutris observed the highest increase of 49.8% of all sector indexes. This comes as no surprise since the mentioned index consists of Kraš, Podravka and Atlantic Group, which all observed a strong share price performance in September.

On the flip side, CROBEXtransport recorded the highest decrease of 19.4%. It is worth noting that on 1 October, ZSE announced a temporary cessation of calculation of the index, as Uljanik Plovidba was excluded from the index, leaving only Atlantska Plovidba in it.

Average Daily Turnover on the ZSE (EUR m)

The mentioned sale occurred at RON 20 per share, which represents a discount of 4.8% compared to the yesterday’s closing price  

Purcari Wineries published a document on the Bucharest Stock Exchange announcing that Lormier Ventures Limited, a wholly owned subsidiary of Emerging Europe Growth Fund II (managed by Horizon Capital) disposed of all or part of the shares through an accelerated book-building process.

Horizon Capital is a private equity firm with over USD 850m under management and has been a shareholder in Purcari since 2010.

In the ABB, Lormier Ventures Limited sold 4.539.223 shares, representing 22.7% of Purcari’s share capital, which made them (as of 31 December 2018) the second largest shareholder, behind Amboselt Universal which owns 25.03%.

The mentioned sale occurred at RON 20 per share, which represents a discount of 4.8% compared to the yesterday’s closing price.