Driven by sharp gains in Hansapank shares, the Baltic List capitalization index ended 1.01 percent higher, to 2.77 billion euros ($2.39 billion). The aggregate turnover dropped to 10.1 million euros, against 17.4 million euros the previous week.
Baltic List stocks held dominating trading positions on each of their respective Baltic states' local stock exchanges, accounting for over 60 percent of all shares traded. Meanwhile, the Lithuanian litas is now pegged to the euro, leaving the Latvian lats as the only Baltic state currency not pegged to the euro.
Estonia: Blue chips push index to new high again
Positive sentiment carried on throughout the week on the Tallinn Stock Exchange as investors kept their attention on blue chip issues. The TALSE stock index climbed 1.95 percent to 163.78. Calculated in euros, the price index of the five Estonian Baltic List stocks gained 2.31 percent to 133.47, setting another all-time high. The total turnover of the week's 666 deals was 143 million kroons ($7.9 million).
"It was a relatively one-way week, with interest continuing in the key shares," Uhispank trader Mart Helmja told BNS. "But the fast pace slowed as those who had gone in at lower levels began to sell."
Shares in Hansapank gained the most, closing 4.2 percent higher at a new four-year high of 192.25 kroons on trade of 118.7 million kroons, equal to 83 percent of the total bourse's turnover.
Shares in Eesti Telekom slipped 0.32 percent to 77.50 kroons on turnover of 10.5 million kroons. "Trading in Telekom remained quiet, with no particular interest either on the buying or the selling side," Hansabank Markets trader Romet Tepper said.
He suggested that investors were awaiting financial results, to be published on February 7. "No one will want to make major commitments or changes in positions before then," he said. "The price has gotten too far ahead and at the moment, investors are not willing to buy at this high level."
Shares in car safety belt maker Norma climbed 1.84 percent to 60.80 kroons on trade of 9.35 million kroons. "In Norma, shares are being bought before dividends," Tepper said. The trader said that there should be no changes in Norma's dividend policy and buyers are attracted to the stability in the payout.
Latvia: Stocks still heading down
Latvia's most liquid shares continued their slide, sweeping the Riga Stock Exchange indexes down with them. The Dow Jones Riga Stock Exchange capitalization index fell by 2.73 percent to 187.43, while the RICI price index fell 2.25 percent to 169.1.
The Baltic List Latvian euro index fell by 1.59 percent, to 252.46. The weekly stock market turnover reached only 113,000 lats ($175,000).
Gas utility Latvijas Gaze was down 1.56 percent to 6.30 lats on a turnover of 29,000 lats. A public offering in these shares, in exchange for privatization certificates, is now complete, and share prices are expected to stay even for now. Suprema bank analysts claim that the gas company's shares are falling due to the possibility that increased gas rates may not materialize in the near future.
Ventspils Nafta fell 8.5 percent, to 0.62 lats, on a turnover of 42,000 lats. The drop was due to negative market news from Russia, and to the decision to postpone, until the second half of the year, the privatization of the company's state owned shares.
In especially bad market news, the Russian oil company Lukoil said it expected not to use Ventspils' oil terminal at all during February. Latvijas Unibanka specialists claim that the postponement is related to the inability of the company's largest private shareholder, Latvijas Naftas Tranzits, and the privatization agency, of not being able to agree on terms and schedules for privatizing the company. Meanwhile, analysts at the savings bank Latvijas Krajbanka believe that the oil terminal's shares are unlikely to fall below 0.59 lats-0.60 lats each.
Secondary listed shares worth mentioning include the distillery Latvijas Balzams, falling 5.6 percent to 0.34 lats. It seems that the fall is related to the difficult situation the company's largest shareholder, Russia's Soyuzplodimport, finds itself in. It's likely that Soyuzplodimport will, in the near future, have its hands tied in defending its popular spirits trademarks, while promised investments in its Latvian interests may be placed in a holding pattern.
Lithuania: Mixed trading in slow week
The outlook appears somewhat bearish on the Lithuanian market. Knitwear manufacturer Utenos Trikotazas led trade in terms of turnover for the second straight week due to the company's share buy-back scheme, brokers said.
The bourse's benchmark price index Litin-10 edged up 1.31 percent to 1,183.87, the blue chip index Litin eased 1.04 percent to 317.48, while the broad index Litin-G ticked up 0.07 percent to 876.19. Calculated in euros, the price index of the six Lithuanian Baltic List shares was down 0.53 percent to 139.96. The week's equity turnover reached just 4.8 million litas ($1.2 million). Listed on the official list, Utenos Trikotazas plummeted 10.26 percent to 2.80 litas on a turnover of 2.12 million litas.
Some 736,049 shares, representing 1.87 percent of the company's authorized capital, changed hands on January 31 via a single transaction, which accounted for 98.6 percent of the stock's weekly trading volumes.
Brokers said the buyer was Utenos Trikotazas itself, which had the shareholders' approval to buy back 10 percent of its own shares.
A similar transaction was conducted on Jan. 25, when 9.52 million litas' worth of Utenos Trikotazas' shares (8.09 percent of the authorized capital) changed hands.
The shareholders made the decision to buy back 10 percent of the shares during their meeting on Jan. 24. The minimum buying price has been set at 2.5 litas and the maximum price at 5 litas. The company will build up a reserve of 11.69 million litas for the purpose.
Lietuvos Telekomas slid 0.83 percent to 1.19 litas on a turnover of 745,900 litas; refrigerator producer Snaige firmed at 37.50 litas on a turnover of 523,200 litas. Another 41,600 litas' worth of shares in Snaige changed hands via block trades.
Cheese producer Rokiskio Suris drifted 2.87 percent lower to 30.11 litas in trade worth 185,700 litas; electronic component maker Vilniaus Vingis, which was included on the blue chip official list as of Feb. 1, soared 10.71 percent to 4.65 litas amid a turnover of 131,200 litas.
Dairy Pieno Zvaigzdes closed flat at 1.55 litas in trade worth 71,400 litas; TV-tube maker Ekranas climbed 3.64 percent to 5.70 litas on a turnover of 22,400 litas. Brewer Kalnapilis ended without trading last week.
On the current list, gas company Lietuvos Dujos advanced 1 percent to 2.03 litas in trade worth 147,200 litas; ferry operator Lisco Baltic Service firmed at 0.40 litas amid a turnover of 109,600 litas. Another 62,300 litas' worth of shares in Lisco changed hands through block deals.
Starting Feb. 1, four energy companies, set up as a result of the restructuring of the Lithuanian power utility Lietuvos Energija - the eastern distribution network Rytu Skirstomieji Tinklai, western distribution network Vakaru Skirstomieji Tinklai, and power plants Mazeikiu Elektrine and Lietuvos Elektrine - were added to the current list.
Please enter your username and password.
2024 © The Baltic Times /Cookies Policy
