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Shares hit record in Tallinn

  • 2003-04-24
  • Thomas Foulquier
RIGA

The Baltic Index slipped last week by 0.3 percent to 192.8 points, though the Tallinn TALSE index, which reflects the price movements of shares listed on the main and secondary lists of the Tallinn Stock Exchange, hit a five-year high, at 223.8 points.

"There was trading activity on every day of the week, above all due to foreign investors' buying interest," Hansabank Markets' stock markets division head Lauri Lind told the Baltic News Service.

"The main turnover was in Hansapank and Telekom stock," he said.

Trade on Hansapank shares in fact represented half of the week's Baltics activity.

Hansapank closed at 16.2 euros per share, up 1.1 percent. Eesti Telekom jumped to 4.8 percent to 6.2 euros, while Harju Elekter climbed 12.4 percent to become the week's biggest gainer.

As usual, the Lithuanian stock exchange saw much slower trade, with Lietuvos Telekomas, the country's leading blue chip, slowly advancing. The stock's strong increase and large trading volumes are believed to result from foreign investment funds buying interest.

Lietuvos Telekomas climbed 3.5 percent to 0.3 euros

Ekranas, which suffered a loss of 5.9 million litas in the first quarter of this year, was down 3.3 percent over the week to 1.4 euros.

Refrigerator maker Snaige slumped 4.5 percent to 36.8 euros, while electronics firm Vilniaus Vingis held steady at 1.9 euros.

In Riga turnover was sluggish, in part because of the preholiday mood.

Vladimir Solomatin, vice chairman of the board of directors of Latvijas Naftas Tranzits, told the press last week his company did not plan to acquire the controlling stake in Ventspils Nafta, though earlier reports about share sales and options seemed to suggest namely that.

On the other hand, Transneft President Semyon Vainshtok, whose company controls the Russian oil pipeline system, said Transneft wished to obtain at least 50 percent of Ventspils Nafta and then to resume export of crude oil via the Latvian terminal.

Ventspils Nafta stock fell 3.4 percent to 1.3 euros.