Baltic Securities Market in 2013

21.01.2014 TLN

Trading activity

During 2013, the NASDAQ OMX Baltic index OMX Baltic Benchmark increased by 12.16% to 613.5 points. Throughout the year, 137,148 transactions (including shares, bonds and fund units) were made on the stock exchange, with turnover reaching slightly over EUR 480 million. The number of transactions remained at the level of previous year (135,002 in 2012), while the turnover of stock exchange transactions increased by 23.7% when compared to 2012 (EUR 388 million in 2012). 

During the year, the average daily turnover of the stock exchange increased to the level of EUR 1.91 million (EUR 1.53 million in 2012) and the average transaction value was EUR 3,504 (EUR 2,874 in 2012).

Trading was most active with the shares of Olympic Entertainment Group (12,124 trades), followed by Tallink Grupp (9,706), TEO LT (6,676), Apranga (6,645) and City Service (5,971). The biggest turnovers were made with the shares of Tallink Grupp (EUR 56.1m), Olympic Entertainment Group (EUR 50.4m), Silvano Fashion Group (EUR 30.9m), Apranga (EUR 24.1m) and Tallinna Vesi (EUR 19.1m). 

There were 535 trades made on the bond market with the total turnover of EUR 178.2 million.

In the Main List, the share price of Invalda LT gained 75%, the share price of Latvijas kuģniecība gained 55%, the share prices of Grindeks, Olainfarm and Utenos trikotažas gained more than 30%, while the share prices of LESTO, Tallinna Vesi, Grigiškės, Vilkyškių pieninė, Šiaulių bankas, Apranga, Merko Ehitus, Panevėžio statybos trestas and Linas Agro Group gained more than 20%.

In the Secondary List the volatility was a lot higher with the share price of Rigas elektromasinbuves rupnica gaining more than 270%. Share price of Grobiņa gained more than 130%, the share price of Nordeka gained over 80% and the share prices of Trigon Property Development, Brīvais Vilnis and Valmieras stikla šķiedra gained over 70% of their value. On the other hand, the share prices of Liepājas metalurgs and Dvarčionių keramika lost over 75% of value.

Issuers

Three new companies were admitted to the lists of NASDAQ OMX Baltic Market. After the spin-off of Lietuvos Dujos, the shares of newly established Amber Grid were listed on Baltic Secondary List.

In August, NASDAQ OMX Baltic welcomed two new companies on the alternative market First North when the shares of Telescan and Baltic Telekom were admitted to trading. In September and October, the additional shares of Telescan were admitted to trading on the Baltic First North.

There were two secondary offerings arranged over the course of the year: By Pro Kapital Grupp in the amount of EUR 1.66m and by Grigiškės in the amount of EUR 2.91m. 

Also closed share issue of Ventspils Nafta was merged with public share issue and 43.9 million additional shares were listed.

Baltika converted the convertible bonds amounting to EUR 1.5m, the additional shares were listed in the Baltic Main List in July.

During the year, the shares of Ūkio bankas, Sanitas, Goldinvest Asset Management, and Liepājas metalurgs were removed from trading. 

As of the end of the year, it was possible to trade in the shares of 80 companies with the total market value of EUR 5.76 billion.

Bonds

In 2013, Latvian government issued listed bonds in the total amount of EUR 440.7 million, while Lithuanian government issued bonds and bills in the total amount of EUR 931.3 million. In Latvia, also corporate bonds were issued in the total amount of EUR 95 million and USD 205 million. 

There were 5 Latvenergo bond issues in total of 105 million EUR and 9 ABLV Bank bond issues in total of 210 million EUR listed on the NASDAQ OMX Baltic Bond list during the year.

As of December 31, there were 23 Latvian corporate bonds, 26 Latvian government bonds and bills, 6 Lithuanian corporate bonds and 22 Lithuanian government bonds and bills listed on the NASDAQ OMX Baltics. 

Members

In July 2013, a new Market Making Program designed to increase liquidity was launched on the Baltic Market. 

The first member to join the program was LHV Pank who became liquidity provider for three shares traded on the Baltic Market. Bankas Finasta joined the Market Making Program in August and became liquidity provider for six shares. Orion Securities and SEB Pank also joined the Market Making Program and became liquidity providers accordingly for three and eight shares.

As of the end of the year, 29 trading members had access to trading on at least one of the NASDAQ OMX Baltic markets.

Funds

In 2013, four investment funds managed by Finasta Asset Management started trading on the Baltic Fund List. In addition two new funds managed by IPAS Citadele Asset Management were listed on NASDAQ OMX Baltic Fund list. 

At the same time 3 funds managed by IPAS RB Asset Management and Citadele’s subsidiaries were delisted from the Baltic Fund List.

Baltic Fund Center

The NASDAQ OMX Baltic Market added 144 Swedbank distributed investment funds – which are offered in at least one of the Baltic countries – to the Baltic Fund Center. As of the end of the year there were 204 funds available on the Baltic Fund Center’s website.