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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: fanfan 10.78% / A3 9.82% / Gold lump 8.54% / ETFs 8.26% / Quantum Fund 8.21%
Latvian Stock Market Overview 13/11/2006 - 17/11/2006
There were no tremendous changes in Riga market during this week, except the decrease in Baltic I-list turnover of 55.3% from 328,526.22 EUR to 147,011.44 EUR. However, the whole market turnover was not affected so significantly thus experiencing a reduction only for 5.9% in comparison with previous week. Index of BALTIX showed an increase by 1.84% while OMXR index lowered only by 0.40%. Olainfarm (OLF1R) was the firm experienced the biggest stock price change by +4.71% having turnover of 44,673.91 EUR. The loser of the week was Ventspils nafta (VNF1R), whose stock decreased by -6.97% from 2.44 EUR to 2.27 EUR with a turnover of 426,946.41 EUR. Overall, this week ended up with prevailing amount of gainers: there were 2 rises, 2 falls and 1 unchanged position in the Baltic Main List and 5 rises and 1 unchanged position in the Baltic I-List.
This week’s leader Olainfarm (OLF1R) experienced increase in stock price from 1.91 EUR to 2.00 EUR. Its price was remaining constant for a half a week. Then it started to grow and after four augmentations ended up at the level of 2.00 EUR. This period was the most successful for the last half a year, showing the growth of 0.25% comparing with June 2006. This week Olaifarm presented incentives to the chemistry teachers continuing the support program for education in chemical-pharmaceutical are. By doing so it created a good PR campaign and showed its welfare sponsoring different events in science field. Such kinds of activities might create an impression on the investors and help the firm remaining a success. There are no reasons for the stock price of the firm to decrease, so in the near future it most likely will be keeping its position, because this PR move might not have long term impact.
Ventspils Nafta (VNF1R) performed this week not as good as it had done the week before. It experienced a reduction in stock price by -6.97% with an increase in turnover from 94,204.52 EUR to 426,946.41 EUR and amount of deals 131. The reason for such a decrease in stock price was the changes in transshipment level, influenced by some circumstances beyond the company’s control. The export of gasoline from CIS countries leveled off by -35% from August 2006. The reduction in export caused the fluctuations in market situation. Moreover, due to the high export duties imposed by Russia, oil transportation was becoming inefficient. All these facts affected the stock price of Ventspils Nafts negatively. The firm will probably be suffering from the circumstances it faced and in the further period will remain performing in not the best way it can. Yet it is not possible to predict movements so easily, as VN performance is more related to Russian economical decisions.
Grindeks (GRD1R) was one of the two firms ended up the week with negative changes in stock price. It experienced a decrease by -2.82% from 7.10 EUR to 6.90 EUR with a turnover of 118,468.32 EUR and 62 deals. Its stock price was reducing all the week when on Friday it recovered and leveled at the price it had been three weeks before. Leading pharmaceutical company in the Baltic States Grindeks is now waiting for the results of the second reading of European Parliament (EP). The Directive REACH, EP will be concerning can forbid Latvian pharmaceutical manufacturers to use dangerous chemical substances and make Grindeks reconsider manufacturing of Mildronate (drug developed by Grindeks) outside EU. This definitely was the main reason why Grindeks was not successful this week. Nevertheless, Grindeks is planning to cope with this problem making deals with partners from outside EU. The positive changes are excepted to be in overall Grindeks’ performance.
By Nataļja Avramenko
Aleksandrs Graholskis
Juris Rumba
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