Equity trading rebounds

  • 2003-03-06
  • Thomas Foulquier

Baltic stock markets roared back to life during the last week of February, with Baltic List turnover reaching 5.6 million euros, more than double the 2.7 million euros posted the week before.

Hansabank equity broker Normunds Novskis said much of the renewed interest in Riga focused on second-tier stocks such as Latvijas Balzams.

But blue chips also saw some action, as Ventspils Nafta jumped almost 5 percent to 1.11 euros, making it one of the week's gainers.

"The reason behind renewed investor interest is the current reconstruction of the company's operations - with crude oil being loaded from the railway tracks," Novskis said.

"As for dividends, I doubt there is anything to expect soon," he added.

LASCO, amid low trading was down to its fair price. "The stock went down a bit, and now its price corresponds to its real support line," Novskis said.

The week's most traded stock was Latvijas Gaze thanks to a single block deal that nearly constituted one-third of the total turnover on the Riga Stock Market.

As usual, Estonian equity generated three-quarters of overall Baltic equity trading, with Eesti Telekom finishing up 0.55 percent and seat-belt maker Norma 0.69 percent to 4.23 euros.

Hansapank, a Baltic giant itself, finished the week among the losers as its stock drifted down 1.78 percent to 15.47 euros on profit taking.

"Profittaking with Hansapank stock continued, but it was partly due to the negative background of the rest of the world," Hansabank Markets broker Romet Tepper told the Baltic News Service.

"Shares in Telekom recovered slightly, although there was no news. The fall had been too sharp, and there were investors on the buying side at lower levels," said Tepper.

Other stocks released their quarterly results, such as Merko Ehitus, Harju Elekter and Viisnurk, but none brought significant surprises to the market.

In Vilnius, refrigerator maker Snaige and Lietuvos Telekomas were the leaders of a slow market. Lietuvos Telekomas was flat at 0.25 euros and Snaige fell 1.75 percent to 32.44 euros.

Ekranas made it to the loser's list, sinking 2.53 percent to 1.67 euros.