Share prices on the Tallinn bourse seesawed amid relatively
sluggish trading and low turnover in the outgoing week, and the TALSE
index finished the week where it began. The TALSE closed Friday at
96.84 points.
Uhispank broker Mart Helmja characterized the week as very
nervous and volatile. "The prices moved within a wide range and
without remarkable turnovers," he said. "Much of the movement was due
to speculation."
The players looked every day to foreign markets to find the
trend, the broker said. Local investors have adopted a wait-and-see
attitude and only play on short-term positions.
Whereas in the first three days of the outgoing week the
trend was a falling one, on Thursday and Friday the market changed
course with rising shares prevailing. Hansapank, generating the
week's biggest turnover of 20.6 million kroons ($1.43 million),
closed at 76.50 kroons, down by 0.65 percent from the previous Friday.
The price of the bank's shares ranged from 73.25 kroons to
76.75 kroons during the week. Norma, trading between 26.10 kroons and
30.30 kroons, ended the week at 26.80 kroons, 7.59 percent poorer
than on the previous Friday, with 9.5 million kroons in turnover.
Eesti Telekom produced 3.4 million kroons of the exchange
system's turnover in the outgoing week. The price of its shares fell
0.31 percent to 79.25 kroons.
A turnover of more than 1 million kroons was also recorded
for Uhispank. On the supplementary list, Harju Elekter generated 2.7
million kroons, Pro Kapital -1.7 million kroons, and Saku Olletehas -
1.1 million kroons in volume.
Latvia: Another quiet week
Despite overall good three-quarter results posted by Latvian
companies there was no increased trading on the Riga Stock Exchange
last week.
The poor results posted by transport outfit Rigas Transporta
Flote did lead to a sell-off of the company's shares as its share
price sank 26 percent, to 0.17 lats ($0.30). RTF's poor results
dragged down the RSE's indexes. The DJRSE slid 0.46 percent to 75.98
points, while the RICI fell 1.48 percent to 157.55 points. The fall
in the RICI index was helped by the 7.7 percent fall in canned milk
factory Rezeknes PKK to 0.12 lats.
Olainfarm's share price also fell 16.17 percent, to 0.15
lats, but it is not included in either index. The company reported a
nine-month profit of 2.6 million lats, but it lost money in the third
quarter. Investors are still weary of non audited results, so even an
optimistic forecast for an annual profit of 1 million lats is
unlikely to make any impression.
One of the few gainers this week was fiberglass factory Valmieras
Stikla Skiedra , climbing 4.44 percent to 0.47 lats. The continued
rise is in line with its solid results.
Ventspils Nafta's share price rose 2.5 percent to 0.45 lats,
following its announcement of 15 million lats in profit at the
nine-month mark. Investors should take note of Williams' intention to
increase export through Lithuania's Butinge eight fold, a move that
would likely cut into Ventspils' business.
Lithuania: Oil deal does not fire up trading
Last week trading on the Lithuanian National Stock Exchange
was subdued, with share prices of many liquid stocks falling, pulling
the market's indexes down. The Litin-10 price index sank 5.74 percent
to 1180.65 points while the blue-chip Litin slumped 1.77 percent to
513.68 points. "Nothing good is happening on the bourse," Suprema
broker Arvydas Jacikevicius told the Baltic News Service. Lithuania's
unstable financial situation is spooking the market, according to the
broker, as well as talk about devaluation of the litas and
conflicting views regarding the sale of Mazeikiai Nafta to the
U.S.-based oil company Williams International.
It was a quiet week of trading. The exchange's total turnover
was just 20.9 million litas ($5.22 million), with only 2.43 million
litas in trading on the central market. On the official list, trading
was active in both Hermis and Vilnius banks. Bankas Hermis' shares
were up marginally, to 124.05 litas, on a central market turnover of
661,700 litas, and a further 348,000 litas in direct deals.
Shares in Vilniaus Bankas slid 3.52 percent to 22.76 litas on
a central market turnover of 335,300 litas. A further 293,000 litas
in direct deals were made. "The price of the bank still hasn't
stabilized," said VB Vilfima broker Kestutis Kvainauskas. "It
fluctuates from 22 litas, when there is a big demand, to 23 litas,
when there are a lot of offers."
On the current list, trading was most active in Lietuvos Energija's
shares. They held firm at 5.00 litas on a central market turnover of
311,000 litas. Ukio Bankas' shares plunged 17.16 percent to 9.75
litas. On the central market, the bank's share turnover was 161,000
litas and in direct deals 439,100 litas. Finasta broker Aurelijus
Rimkus said it is extremely difficult to make any forecasts at this
point, noting that the latest results do not give much optimism.
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