Tallinn puts on brakes

A slowdown in trading of Estonian stocks was the core reason for the Baltic Index losing 1 percent last week.

Five out of six Estonian stocks that together represented 94 percent of turnover were down for the week. Only Tallinna Kaubamaja finished the week up, nudging up less than 1 percent over the period ending April 25.

"Trading activity has declined in comparison with the past weeks," said Riho Talumaa, a trader with the investment bank Suprema. "We'll see next week whether the results of Hansapank will boost activity."

Hansapank, the Baltics' largest company in terms of market capitalization, took a hard fall last week, its price sinking 2.3 percent to 15.8 euros.

Eesti Telekom and Norma, the seat-belt maker whose first-quarter results were released last week, saw their prices decrease by 3.2 percent and 3.6 percent respectively.

In Riga trading activity was off as well although share prices were not as heavily affected as they were in Tallinn.

Even though Latvijas Gaze announced that first-quarter results were up more than 18 percent year-on-year, with profits reaching 6.7 million euros, the stock was flat over the week.

Ventspils Nafta oil terminal and Latvijas Kugnieciba (LASCO), both of which were to submit their first-quarter reports to the bourse by April 25, had their deadline extended by the board of the Riga Stock Exchange.

Trading with Ventspils Nafta stock reached 100,000 euros, with the price finishing up 3.2 percent at 1.38 euros.

The shipping company Latvijas Kugnieciba was flat at 0.44 euro per share on a measly trade of 7,400 euros.

In Lithuania, investors focused on refrigerator maker Snaige and paper producer Grigiskes - the latter up 6.9 percent on the Current List. Market leader Lietuvos Telekomas was down in terms of activity and share price over the week.

Snaige, a darling of foreign investors, rose 0.8 percent to 37 euros while Lietuvos Telekomas decreased 3.4 percent to 0.3 euro.

On the Official List, Vilniaus Vingis and Utenos Trikotazas climbed 3 percent and 3.5 percent respectively, both stocks among the week's gainers.

The Baltic List's losers were Estonia's Harju Elekter electrical equipment maker, which dove 8.4 percent, followed by the construction company Merko Ehitus, which fell 5.7 percent.