Tallinn leads market swell

  • 2003-09-11
  • Baltic News Service
RIGA - Following the trend of recent weeks, the majority of Baltic List stocks
posted gains last week and the Baltic Index of Latvian, Lithuanian and
Estonian blue-chip prices grew 1.92 percent to reach 297.64 points.
The Total Baltic List turnover doubled from the week before to 12.39 million
euros, most of which or 80.97 percent were made in trade with Estonian
stocks. Latvian and Lithuanian stocks contributed 1.28 percent and 17.75
percent respectively to the increase.
The biggest gainer on the Baltic List last week was registered in the
National Stock Exchange of Lithuania with Vilniaus Vingis electronic
components producer rocketing up 12 percent to 2.43 euros.
In Estonia, the approaching EU referendum fueled growth in prices on the
Tallinn stock exchange, but by the end of the week there was a visible
intensification of selling pressure with some prices at their all-time
The Tallinn Stock Exchange index gained 8.26 percent during the week and
closed at 305.37 points on Sept. 5. The week's trade totaled 162 million
kroons (39.62 million euros).
"It was a rather stormy week. Activity was high after a long time and prices
moved up fast. At the end of the week sellers came out," said Hansabank
Markets stock markets division head Lauri Lind.
Lind added that the swing of the price rise would likely die down next week,
as could already be seen from Sept. 5.
Shares in Hansapank gained 9.5 percent over the week, ending at 342.66
kroons on a turnover of 92.859 million kroons. The highest closing price
during the week was an all-time high for the share at 344.23 kroons.
The biggest weekly rise of 18.33 percent was that in Kalev, which ended at
44.44 kroons a share on Sept. 5.
Meanwhile Merko Ehitus, which gained several dozen percent in August,
suffered a serious decline in share prices. This week the share ended 4.96
percent lower at 185.88 kroons on a trade of 10.575 million kroons.
"It seems that after its August rise, Merko stock is looking for its right
price, but it will probably not come down much any more," Lind said.
In Latvia investors displayed a trade preference as turnover of stocks
quoted on Riga Stock Exchange continued to fall last week while there was a
significant rise in trade with debt securities.
The Ventspils Nafta oil terminal announced its January - August handling at
8.4 million tons of oils and oil products -- a fall by one-fifth from last
year when the company was still receiving oil deliveries from Russian by
The oil terminal skidded down 2.50 percent to 1.17 lats (1.84 euros) per
share but nevertheless boasted the largest turnover on the Riga bourse last
week at 45,962 lats.
Bids for remaining state-held shares in Latvijas Kugnieciba (LASCO) shipping
company that will be auctioned on Sept. 15 can be submitted, starting from
Sept. 9. The Latvian Privatization Agency board last week resolved that the
minimum sales price at the auction would be 0.34 lats per share.
LASCO, quoted on the official list, stayed flat over the week at 0.37 lats
on a trade of 41,510 lats.
The company ranks third among the largest transnational corporations in the
Central and Eastern Europe, according to the U.N. Investment Report based on
the 2001 results of the companies.
Latvijas Gaze gas company, also quoted on the official list, dropped 2.82
percent to 5.85 lats. The gas company's loss was the fifth biggest on the
Riga Stock Exchange last week.
The Lithuanian stock market continued its upward climb with most stocks
gaining ground at a brisk pace amid strong trading activity.
In the oil sector, Klaipedos Nafta leapt 8.49 percent to 1.15 litas (0.33
euros) and Mazeikiu Nafta rocketed up 22.06 percent to 2.49 litas.
In the power distribution sector, Rytu Skirstomieji Tinklai surged 10.29
percent to 1.50 litas, while Vakaru Skirstomieji Tinklai was up 12.31
percent to 1.46 litas.