Baltic indices, Baltic List capitalization continue upward

  • 2002-07-18
  • Boris Epsteins
Most Baltic stock indexes moved up last week against the backdrop of sharp falls on European and U.S. markets.

The Baltic Index of the 14 Baltic List blue chips rose 1.57 percent over the week to 160.41 points.

Eight were gainers, two were losers and four stocks stood flat over the week.

Gains of the list's most capitalized stocks, except the oil terminal Ventspils Nafta, pushed the Baltic List capitalization up from $2.79 billion to $2.85 billion.

The Baltic List's weekly turnover was $17.1 million, down a third compared with the week before.

Like a week earlier, 89 percent of turnover was contributed by Latvian stocks. Estonian stocks accounted for 9.5 percent and Lithuanian shares 1.5 percent.

Estonian and Latvian stocks on the Baltic List led trading on their home bourses, accounting for more than 90 percent of turnover. In Lithuania they were responsible for just over 8 percent.

In Tallinn, the TALSE index climbed 1.98 percent to 175.88 points during the week. The price index of Estonia's Baltic List shares rose 2.16 percent to 147.93 points.

The aggregate turnover, at 27.5 million kroons ($1.74 million), was the lowest weekly turnover of the year. Estonian Baltic List stocks contributed 93 percent of the turnover - 25.5 million kroons.

"Despite low turnover the bourse ended the week in positive territory, which shows the existence of modest buying interest," Suprema trader Riho Talumaa told the Baltic News Service.

Hansapank, Eesti Telekom, Norma and Merko showed the most movement.

Hansapank ended the week up 2.06 percent at 209.20 kroons compared to the previous week. The turnover was 16.9 million kroons, accounting for 62 percent of the week's total.

Eesti Telekom was up 1.56 percent, ending at 71.19 kroons on a turnover of 4.6 million kroons. Norma gained 4.06 percent to 64.15 kroons amid a turnover of 2.7 million kroons.

The main attention on the Latvian exchange focused on the Latvian Shipping Company. Latvijas Gaze also saw some demand while Ventspils Nafta slipped.

The capitalization index Dow Jones/Riga Stock Exchange swelled 3.48 percent to 180.81 points, and the price index RICI rose 3.71 percent to 215.38 points.

The index of the Baltic List's Latvian stocks, which is calculated in euros, gained 3.4 percent over the week to 201.36 points.

Major transactions with LASCO shares raised the weekly stock turnover on the bourse to 9.18 million lats ($15.2 million). The stock turnover though decreased by 30 percent last week.

Almost 100 percent of the Riga Stock Exchange weekly stock trade, thanks to LASCO trades, was secured by Baltic List stocks for the second week in a row.

LASCO shot up 9.6 percent over the week to 0.34 lats on trade of 9.11 million lats.

Latvijas Gaze gained 2.75 percent over the week to 5.6 lats on trade of 27,563 lats.

Company shareholders appro-ved a dividend payout of 0.17 lats per share.

Ventspils Nafta lost 3 percent over the week to 0.65 lats on trade of 11,500 lats. The stock price dropped amid poor first-half results.

There were few suprises on the Lithuanian stock exchange last week as calm summer moods dominated the market. Only four companies reached 100,000 litas in turnover on the central market.

The benchmark price index Litin-10 edged up 0.39 percent to 1224.37 points. The blue chip index Litin rose 0.68 percent to 308.85 points, and the broad index Litin-G climbed 2.32 percent to 925.52 points. However, the price index of Lithuanian Baltic List shares inched down 0.08 percent to 150.32 points.

Equity turnover on the week totaled 7.8 million litas ($2.1 million), with just 840,000 litas or 8 percent generated in Baltic List securities trading.

On the Official List, Lietuvos Telekomas edged up 0.89 percent to 1.13 litas in trade worth 222,500 litas. In block trading, Lietuvos Telekomas shares worth 500,200 litas changed hands in just one deal for 3.24 litas per share, almost three times more than their price on the central market.

The electronics firm Vilniaus Vingis climbed 3.45 percent to 6 litas on a turnover of 122,800 litas. Trading on July 12 accounted for more than half of the turnover following a report by the company that the company earned 7.64 million litas in pretax profits in the first half of 2002, an 85 percent increase year-on-year.

Refrigerator producer Snaige also reported impressive results for the first half of 2002. Snaige, as well as Vilniaus Vingis, is controlled by Hermis Fondu Valdymas. Snaige earned 13 million litas in pretax profits in the first six months of this year, 3.9 times more than the corresponding period in 2001.