Out of the 15 blue-chips included on the Baltic List, 10 stocks moved up, four stocks fell, and one remained unchanged over the week.
The composite index of Latvian Baltic List stocks jumped 2.98 percent last week to 118.11 points. The growth was due mostly to the 6.71 percent gain of Latvijas Gaze shares ahead of the dividend distribution.
Dow Jones Riga Stock Exchange capitalization index also moved up 2.05 percent to 108.13 points for the same reason.
Last week the composite index of Estonian Baltic List stocks, which had stayed below the 100-point line for more than a month, was finally able to cross this line by climbing 0.38 percent to 100.09 points.
At the same time, Estonian blue-chips used in calculations of the TALSE index either remained unchanged or fell over the week, bringing TALSE down 0.18 percent to 137.99 points.
The five Lithuanian blue-chips on the Baltic List remained almost unchanged in euros and closed the week sliding just 0.01 percent at 104.78 points. The falling euro exchange rate against lit was the major force behind such stability.
The price index LITIN-10 in litas was off by 1.75 percent last week to 1030.25 points, while there were hardly any changes in the official list capitalization index LITIN which stayed at 473.5 points, secured by the stable price for shares in Lietuvos Telekomas.
For now, it is hard to say what will happen to the Lithuanian telecommunications company's shares in a week when Lietuvos Telekomas privatization advisers are relieved from the obligation to act as market-makers for the company's shares on Vilnius and London bourses.
The total Baltic List turnover last week reduced considerably - by 26 percent - to 2.84 million euros. Estonian stocks accounted for 1.94 million euros or 68 percent of the total, Lithuanian stocks for 23 percent and Latvian stocks only for nine percent.
In Estonia and Lithuania, the Baltic List stocks yielded 80 percent to 82 percent of the stock market turnover in Tallinn and Vilnius stock exchanges. In Latvia, the share of Baltic List stocks in the total stock exchange turnover was 62 percent.
The Baltic List capitalization on July 14 was 3.01 billion euros as compared to 2.99 billion euros a week ago.
Estonian share in the Baltic List capitalization was 1.832 billion euros (-0.15 percent), Latvian, 419 million euros (+2.9 percent) and Lithuanian, 758 million euros (+1.4 percent).
Tallinn bourse sees volatility, small turnovers during past week
Thin activity and lack of a clear direction were characteristic of the Tallinn Stock Exchange during the past week; the TALSE index finished at 137.99, off 0.18 percent from its close last July 14.
The price index of six Estonian Baltic List shares, however, was up 0.97 percent to 100.09 points because of moderate gains posted by Pro Kapital real estate company and Tallinna Kaubamaja retail chain.
Hansapank trader Mattias Mustonen said the market had been relatively volatile and directionless during the week.
"Bank shares were in the focus of attention as the results are due out on Monday," he said.
Showing big volatility, Hansapank moved between 121.50 and 126 kroons during the week, closing at 124 kroons (7.925 euros), down1 percent from July 7.
Also, Uhispank slid 0.93 percent to close at 29 kroons (1.853 euros).
Shares in Hansapank produced a turnover of 17.8 million kroons (1.14 million euros) during the week, while Uhispank's turnover was 5.4 million kroons (346,604 euros).
As regards Eesti Telekom, quiet trading of the shares continued through the week, generating a small turnover of 1.9 million kroons (120,938 euros). The shares closed at 111 kroons (7.094 euros), unchanged from July 7.
Mustonen said quotations of Telekom's GDR in London stood slightly higher than in Tallinn, respectively, at 110.55 and 113.10 kroons (7.065 and 7.228 euros). The trader added, though, that there was neither demand nor offer for Telekom in London.
Shares in the construction company Merko Ehitus generated a turnover of 1.7 million kroons in the main list. Deals with EVP privatization vouchers produced 2.1 million kroons in turnover, with the price of EVP dropping 0.76 percent to 0.525.
The week's total turnover of the stock exchange amounted to 37.6 million kroons (2.4 million euros). The Estonian Baltic List stocks were responsible for 81 percent of the total, 1.94 million euros.
Blue-chips move up on Riga Stock Exchange, turnover drops
Most of the blue-chips listed on the Riga Stock Exchange gained last week on rather slow trading.
Dow Jones Riga Stock Exchange (DJRSE) capitalization index was up 2.05 percent to 108.13 points last week while the price index RICI was off by 0.44 percent to 160.67 points.
Three out of four Latvian Baltic List stocks posted growth over the week, pushing the index up 2.98 percent to 118.11 points.
Latvijas Gaze shares charged ahead by 6.71 percent to 4.093 euros (2.33 lats) at the end of the week. The price growth was probably due to the plans to calculate dividends on the gas copany's shares on July 17. Next week Latvijas Gaze shares are likely to slip down to 2.20 lats (3.85 euros) or lower.
A 4.17 percent gain of Balta insurance company shares to 5.357 euros (3.05 lats) should be taken with a grain of salt, as the turnover of those shares was just 640 euros last week. In mid-week Balta's shares cost was even more than 6 euros (3.50 lats) but experts explain such fluctuations by very low liquidity of the shares.
Trade in Latvijas Unibanka's shares remained sluggish despite the bank releasing its unaudited semi-annual results. The reported H1 profit of 5.088 million lats did not make the investors particularly happy but was enough for them not to feel disappointed. Towards the end of the week the bank's shares gained a little to 2.723 euros (1.55 lats), however.
Continuous disagreement between Ventspils Nafta oil terminal's largest private shareholder, oil transit Latvijas Naftas Tranzits and the Latvian Privatization Agency over the payment of dividends from the profit of 1999 currently allows to keep the market hot in those shares which have again become the most traded in Latvia. Last week 122,360 euros worth of Ventspils Nafta's shares were sold as the price per share edged down 0.64 percent to 1.247 euros (0.71 lats).
As to Latvian stocks outside the Baltic List, the high turnover of 34,000 lats from block deals with Riga Shipyard's shares should be noted.
Experts also pointed out the significant losses posted by shares in Staburadze candy producer which plummeted down 10.4 percent to 0.6 lats and shares in Grindex drug company which crashed 18.2 percent down to 0.36 lats.
Another pharmaceutical company, Olainfarm, climbed 12.5 percent in the meantime to 0.18 lats, and shares in Valmiera Fiberglass soared 10 percent to 0.44 lats.
The stock market turnover on the Riga Stock Exchanges was just 232,500 lats (411,000 euros) last week, including 255,000 euros, or 62 percent, contributed by the Latvian Baltic List stocks.
Lithuanian stock market still calm
A feeling of calm reigned over the Lithuanian national stock market as turnover in most stocks decreased but share prices remained more or less stable.
The market's LITIN index lost just 0.01 percent to 473.49 points, LITIN-10 was off 1.75 percent to 1030.25 points, but LITIN-A grew 0.40 percent to 1064.77 points.
The index of Lithuanian Baltic List shares also remained almost unchanged, slipping just 0.01 percent to 104.78 points.
"A holiday feeling is apparent on the market," commented broker Tomas Andrejauskas of Hansabank. Even so, he said, it wasn't fair to say investors had lost interest in the market, as shown by Monday's (July 10) active trade, when the central market turnover reached 815,000 litas (217,000 euros).
The official list's Lietuvos Telekomas was the most active issue over the week, selling for 2,105 million litas with price gaining 1.97 percent to 0.699 euros (2.63 litas).
Brokers commented the supply of Telekomas shares at the 2.60 litas mark isn't large enough, so some rise in the share price can be expected sooner or later.
Vilniaus Bankas turnover on the exchange was for 270,500 litas (70,900 euros), with its share price unchanged over the week in litas at 29.90 litas. The price in euros grew by 0.81 percent to 7.941 euros due to fluctuations in the exchange rate.
Brokers said it appeared strange Vilniaus Bankas shares didn't react to the bank's announcement of H1 results on Monday. Vilniaus Bankas reported 47 million litas H1 net profit - far above market expectations.
Rokiskio Suris dairy's share price stayed fixed in litas, but grew by 0.81 percent in euros to 5.524 euros. Kalnapilis brewery shares turned stale, dropping in price 4.9 percent to 0.797 euros and barely turning over only 915 litas (241 euros) on the central exchange. Other shares quoted on the official list weren't traded this week.
On the current list Lietuvos Energija shares were the most actively traded, turning over 173,800 litas on the central exchange as the price was traditionally stable at 5 litas.
Total stock market turnover for the week came to 2.95 million litas (790,000 euros). Lithuanian Baltic List shares accounted for 82 percent of the total, 647,000 euros.