Business News

Stock Market Registers Best Week in a While

Ljubljana, 15 September (STA) - The SBI TOP index on the Ljubljana Stock Exchange gained 4.07% to 537.10 points in what was a week of solid trading, as brokers wrapped up almost EUR 12m in deals. Retailer Mercator was the only blue chip to end the week in the red, losing 0.44% to EUR 112.05.

"Brokers don't remember such a positive week in quite some time," Andrej Zakotnik of the brokerage GBD told the STA.

The winner of the week, energy company Petrol, surged 6.29% to EUR 186, and was followed by pharma company Krka, which added 6.23% to EUR 46.74, and insurer Zavarovalnica Triglav, which was up 3.75% to EUR 12.45.

NKBM bank added 2.73% to EUR 1.13, telco Telekom Slovenije was up 2.36% to EUR 65 and household appliance maker Gorenje gained 1.95% to EUR 4.18.

Touching on the only loser this week, Zakotnik noted that the supervisory board of brewer Pivovarna Laško gave the green light for the sale of its share in Mercator together with other companies in the sale consortium.

However, according to Zakotnik, there has been talk that Croatia's Agrokor, more or less the only company interested in buying Mercator, has lost interest.

Outside the blue chip index, logistics company Intereuropa added almost 30% to 65 cents and port operator Luka Koper surged 11.43% to EUR 7.80, while reinsurer Sava Re slid 0.93% to EUR 5.30.

Zakotnik believes that investors' expectations that the state will start selling its shares in big companies is the reason for positive trading in the absence of extremely good business results.

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