Earnings postings bring life to Tallinn exchange

rading on the Tallinn stock exchange picked up in the second half of the outgoing week following the release of half-year results by banks and several key companies. The TALSE index was almost unchanged from July 21, off just 0.09 percent to 139.32.

Hansapank held center stage, with increasing interest on the part of Western investors toward the end of the week. This interest will probably continue in the coming few weeks, Hansapank trader Lauri Lind said. The results of Hansapank and Norma corresponded to the market's expectations and even surpassed them to a certain extent.

Hansapank on Wednesday posted a six-month consolidated profit of 610.9 million kroons ($36.20 mln) and Norma reported 84.3 million kroons of profit during the same period. "When activity rises, the prices of these shares would go up as well," Lind predicted. Hansapank's shares had turnover of 41 million kroons, closing flat at 123.25 kroons. Norma was stable at 40 kroons on turnover of five million kroons.

The six-month results for Uhispank were unfavorable, leading to stepped-up selling, Lind said. With a turnover of just 2.5 million kroons, the share finished the week 5.21 percent lower at 27.30 kroons, just slightly above this year's record-low of 1.67 euros. Lind said the share is expected to stay at close to 27 kroons.

Trading in Eesti Telekom was very quiet during the week. "There was local buyers' interest, but the price didn't break through the level of 113 kroons because there was interest in selling in London," the trader said. With volume at 2.9 million kroons for the week, Telekom closed at 112.75 kroons per share.

The TSE turnover came to 62.6 million kroons.