Hansapank rallies investors

Even though trading activity declined on Baltic stock exchanges over the past week and the Baltic Index fell 1.3 percent to 193.5 points, Hansapank, the market's engine, soared 5.8 percent to 16.74 euros, the stock's highest level since April 1997.

"Very aggressive buying interest persisted in Hansapank shares," Sampo Pank trader Peeter Koppel told the Baltic News Service.

"But price targets are higher, and buying interest is strong, so the share may go on rising, though apparently at a lower pace."

Eesti Telekom closed the trading week in Tallinn (reduced to four days because of the holiday) at almost 6 euros, flat for the week.

Seatbelt maker Norma posted gains of 3 percent, as investors wait for dividends.

The other newsworthy event on the markets originated from Vilnius, where trading on the Lithuanian National Stock Exchange last week contributed to more than 20 percent of overall turnover of Baltic equity.

The national telecommunications company Lietuvos Telekomas, whose first-quarter profits amounted to only a 10th of last year's, dived more than 6 percent to 0.31 euros and was the biggest loser on the Baltic List.

"Telekomas' results were disappointing, as both the revenue and profit figures were below expectations," said Tomas Andrejauskas, director of the trading department at Hansabankas.

Also on the Official List, the electronics company Vilniaus Vingis rose 0.9 percent to 1.96 euros, and refrigerator manufacturer Snaige remained flat at 37.1 euros.

On the Riga Stock Exchange, Latvijas Gaze, the natural gas company, lost 0.9 percent and closed under 8.6 euros. One of its largest shareholders, Itera Latvija, announced it had received an offer from Gazprom, the other largest shareholder, for an additional 9 percent stake in the company.

Ventspils Nafta gained 1.2 percent to 1.4 euros, while Latvijas Kugnieciba (LASCO), whose annual shareholder meeting will take place at the end of the month, jumped 2.4 percent on light trade.