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Indices: / OMXR 0.00% / OMXV 0.00% / OMXT 0.00% / OMXS30 0.00% / OMXH25 0.00% / MICEX 0.00% Stocks: VTBR 0.00% / OMXV 0.00% / OMXR 0.00% / EEH1T 0.00% / GAZP 0.00% / VTBR 0.00% / OMXV 0.00% / OMXR 0.00% / EEH1T 0.00% / GAZP 0.00% Porfolios: StraterS 0.00% / koncik 0.00% / Laime 0.00% / Life 0.00% / RIX 0.00%
Latvian Stock Market Overview 19/02/2007 - 23/02/2007
This week was rather interesting due to various events that happened. First of all, stock exchange market experienced a decrease of OMX Riga and Baltix indices of -0.32% and -2.53% respectively. However, while Baltic Main List turnover increased to EUR 2 546 349 (previously EUR 2,006,997), Baltic I-list turnover increased to EUR 378 987 (previously EUR 260,372). Nevertheless, number of deals made during the week continues to decrease for already three weeks in a row and reached a shy 608. Even though turnovers are showing signs of recovery, they have not yet reached the heights it experienced some time ago, yet it might be a sign of possible investor withdrawal (many position and total deal decreases accompanied with increased turnover). Nevertheless, there is not enough strong evidence for such claim, so future would show what actually investors’ beliefs are. In Baltic Main list there was only 1 rise, which was accompanied with 5 falls. In Baltic I-List there were 3 rises, 1 fall and 1 unchanged position. The growth in Main list was shown by Latvijas Kuģniecība (LSC1R) of 6.3%, while largest fall was shown by SAF Tehnika (SAF1R) of 6.1%, while in I-list largest growth was shown by Liepājas Metalurgs (LME1R) of 6.5% while the largest fall by Rīgas Kuģu Būvētava (RKB1R) of 2.7%.
The largest gainer of this week was by Liepajas Metalurgs (LME1R), which gained a modest while significant 6.5%. There were 129 deals and the share turnover totalled EUR 116 024. Even though the total turnover is rather small there was an increased investor inclination and interest in this share. Mainly it was associated with strong financial results for last 12 months and news for modernization, which were announced previously. However, this was a gradual increase during the week and continuation of the trend which lasts more than one month, hence it is very likely that LM1R will continue to grow.
Ventspils Nafta (VNF1R ) showed a rather significant decrease of 4.2% and an increased turnover, which could be a signal for a termination of previous trend. Yet this to large extent was associated with the arrest of another enterprise owner in Ventspils, who is said to have links to VNF1R. Due to it we believe that unless law-enforcement agencies find another substantial proof that owners of VNF1R have incriminated themselves it has a strong potential for future growth as mentioned in our previous overviews. Even though, there are some speculations that arrests were made purely due to political motifs, we believe that this might be a slight exaggeration. Hence we believe that VNF1R could continue to increase it share value.
However, the largest fall during this week was experienced by SAF Tehnika (SAF1R) and it continues to decrease for more than 6 weeks, which is also accompanied with a substantial volume (which is a proof for possible future decrease and investors’ expectations at current point). Yet as there are currently no news from SAF Tehnika we believe that this is just an extended trend and could be easily reverted. Yet, investor’s should be cautious on this enterprise.
By Natalja Avramenko
Aleksandrs Graholskis
Juris Rumba
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