Business News

SBI TOP Ends Week at Yet Another Record Low

Ljubljana, 25 August (STA) - The SBI TOP benchmark index on the Ljubljana Stock Exchange lost 2.52% in trading this week, closing at yet another record low of 501.27 points on Friday. Brokers wrapped up EUR 6.08m in deals this week.

Marko Pavlović of the brokerage GBD told the STA that the average daily turnover, block deals excluded, amounted to some EUR 660,000.

Pharma company Krka was again the most traded item, as EUR 2.09m worth of its shares changed hands this week. The Novo mesto-based drug maker was also the only blue chip to end the week in the black, gaining 0.60% to EUR 42.15.

Slovenia's No 2 bank NKBM, which plummeted 16.06% to EUR 1.15, was the loser of the week. The dive may be attributed to the investigation launched by the National Bureau of Investigation into allegedly dodgy deals of the bank's former management.

Also deep in the red were retailer Mercator (-6.96% to EUR 113.60) and household appliance maker Gorenje (-6.63% to EUR 4.11), which published half-yearly results during the week. Mercator made EUR 16.5m in net loss, while Gorenje's profit dropped almost 64% year-on-year to EUR 2.3m.

Insurer Zavarovalnica Triglav slid 3.33% to EUR 11.60, telco Telekom Slovenije was down 2.45% to EUR 58.53 and energy company Petrol edged down 0.58% to EUR 172.

Outside the blue chip index, port operator Luka Koper lost 2.25% to EUR 6.52, while reinsurer Sava Re and logistics company Intereuropa gained ground. Sava Re added 14.13% to EUR 5.25 and Intereuropa was up 39.53% to 42 cents.

Quizzed when an improvement can be expected, Pavlović noted that the situation on the stock market will continue for some time, given Slovenia's situation and the politicians' unwillingness to tackle problems.

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