Stock markets: weekly report (November 20 - 27)

  • 1998-12-03
Estonia: Uhispank remains center of attention on Estonian stock market

Uhispank's shares again shaped the market here during the past week as trading generally remained thin.

The stock index TALSE slid 0.42 percent during the week to 103.75.

"Uhispank was the newsmaker of the week," Hansapank trader Romet Tepper told the BNS agency. He said there seemed to be one single buyer for Uhispank shares who was unwilling to pay any extra.

Shares in Uhispank changed hands at nearly 25 kroons ($1.85) during the whole week.

Hansapank, the other leading issue on the market here, lost 5.5 percent of its value during the week to finish at 60 kroons on Friday.

After the two leading banks came the car seat-belt manufacturer Norma, for which there was some buying interest despite losses at the company's subsidiaries, the trader said.

He said the buyers apparently were foreign investors since hardly anyone would take a short-term position in Norma. He said positions in the company were taken for terms of several years.

Norma climbed 3.5 percent during the week to 14.50 kroons.

The week's total turnover of the stock exchange system was 38.13 million kroons, of which 46 percent, or 17.59 million kroons, was from deals in Uhispank shares. Next came Hansapank with 7.79 million kroons.

The supplementary list's leader was Harju Elekter as 3.65 million kroons' worth of its shares changed hands during the week. The average price of the share increased from 116.4 to 120 kroons.

Latvia: Securities market stabilizes

Judging from the narrowing gap between bid and offer rates, the share prices of the more liquid stocks on the Riga Stock Exchange have stabilized. Specialists believe prices will remain stable until the end of the year if there is no unexpected news to pull the market in one direction or the other.

As usual Unibanka continued to dominate trading last week, with 316,000 lats ($544,828) in turnover . The bank's share price stabilized at one lat and practically did not change all week.

News about the confirmation of a pro-Ventspils government helped Ventspils Oil's share price pick up 2.5 percent to 0.83 lats.

Shares in Valmiera Fiberglass, Riga Transport Fleet and Staburadze Confectionery enjoyed relatively brisk trading, with 25,000 to 50,000 lats changing hands, and share prices growing 10 to 15 percent.

Speculators are likely to begin profit-taking in many shares by the middle of the week. The market will be watching the resolution of the conflict among the leadership of the Latvian Privatization Agency. The outcome will affect the privatization of such large companies as Latvian Gas, Latvian Shipping Company and Latvenergo.

Lithuania: Banks and cheese dominate trading again

Last week trading on the central market of the Lithuanian National Stock Exchange was dominated by the Official List banks and cheese maker Rokiskio Suris .

Shares in Vilnius Bank were the center of attention, generating a turnover of 6.58 million litas ($1.64 million).

At the beginning of the week the bank's share price slid, hitting its low point on Wednesday at 25.73 litas.

Brokers say speculators began to bail out and take their profits, not being able to wait for news about negotiations with Scandinavska Enskilda Banken.

When the news of the deal broke on Friday, Vilnius Bank's share price rocketed up. By midday there were no shares available and purchase orders for 30,000 shares were waiting to be filled.

For the week, Vilnius Bank's share price soared 9.16 percent to 30.88 litas.

Market analysts agree that the bank's share price will keep on climbing. Suprema brokerage's analysts believe it will rise to 37 litas.

Shares in the other Official List bank, Hermis, also did well over the week, jumping 9.76 percent to 74.37 litas. Turnover totaled 2.5 million litas.

At the beginning of the week Hermis' shares avoided slipping down and, on Friday, the news about Vilnius Bank also piqued investors' interest in Hermis.

Investors did not forget Rokiskio Cheese by trading 1.90 million litas in the cheese maker's shares. Its share price rocketed up 16.93 percent to 20.79 litas.

Interest in Current List shares on the central market was thin as usual, except for Ukio Bank, which had 331,000 shares traded, soaring 35 percent to 2.43 litas.

The largest direct deal was for shares in the TV-tube manufacturer Ekranas. A third of the company changed hands for 27 million litas.

The Litin Index climbed 7.37 percent over the week to 530.24 points. The LitinA edged up 0.26 percent to 1129.78 points.

Turnover at the exchange totaled 47.24 million litas, with 85 percent of trading in shares.