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This week was relatively calm for MICEX traders, although the negative trend of decrease in index continued, it was relatively steady and during the week index fell only by 4.4% from 587.33 to 562.34. There hasn’t been made any changes to the quotas of oil production in OPEC countries during their meeting on 29.11, therefore oil prices have been decreasing for the whole week which negatively affected Russian market. Furthermore, experts believe that the decrease in European stock indices also had a negative impact on Russian shares. One more factor which prevented MICEX index from rising was the decrease in main European indices. The top gainers of the week were OGK-3 (OCKC) which rose by 45% and Novolipetskiy Metallurgicheskiy Kombinat (NLMK) with the increase of 28%. The top losers of the week were Norilskiy nikel (GMKN) which decreased by 14% and Novatek (NVTK) with the decrease of 9.5%.

 

The OMX Helsinki 25 Index (OMXH25) ended the week with a 2.81 per cent loss in value. The share price was very volatile and experienced fluctuations with a magnitude of up to 12.5 per cent. It moved, for most of the week, in accord with other European equity indices, and only on Friday did it underperform them slightly. News from the Finnish economy were not encouraging, as Philips and NSG announced layoffs and as Nokia lowered its future profit outlook for the second time in three weeks.The best-performing company this week was Ramirent (RAMR1V), and it was one of the very few who managed to increase in value this week. The biggest losers were Fortum (FUM1V) and Sanoma (SAA1V).

The first week of the last month of the year has ended, and we can say – what a week it was for the Riga Stock Exchange (RSE)! For a long time there hasn’t been a week like this, when no companies end up with an increase in their stock value. The Baltic Benchmark GI (OMXBBGI) index decreased by 4.56% during the week. Not surprisingly, the OMX Riga (OMXR) also declined. It decreased by 35.05 points, or 11.12%, and was the biggest decline comparing to the other two Baltic countries. The total turnover of the main list was 85,676.99 EUR, and it was a 23.99% fall compared to the last week of November. Nevertheless, the number of deals involving companies in the main list increased by more than a quarter and amounted to 245. As already mentioned, there were no winners this week. This means that all the companies on the main list - Grindeks (GRD1R), Latvijas Kuģniecība (LSC1R), Ventspils Nafta (VNF1R), Olainfarm (OLF1R), and SAF Tehnika (SAF1R) – experienced a decline in their stock values.

Once more OMX Vilnius stock market put on red. By decreasing from 187,49 to 176,66 points the week ended with -5.78%. During the week there were 5.704 transactions worth approximately 5 mln LTL made. Although even 14 companies experienced positive results, yet another 22 showed negative movements. “Market engines paused again, ” – state Lithuanian economists.

 

The Stockholm 30 Index (OMXS30) ended the week with an overall decrease of -5.16%, or -3.12EUR and a closing value of 57.39EUR per share. After a decrease of -5.39% on Monday, the index rose during the rest of the week except Friday, when the value dropped by -4.95%. In contrast to the previous surprisingly successful week for all companies, only 2 shares rose, whereas 28 companies experienced a drop in their shares. The two winners of the week were AstraZeneca (AZN), whose price per share increased by +4.49%, or by 1.27EUR and reached the closing price per share of 29.66EUR; and Ericsson B (ERIC B), with +0.35% and closing price 5.45EUR. The top losers of the week were Swedbank A (SWED A), whose price per share dropped by -25.89%, or went down from 5.45EUR by -1.41EUR to 4.04EUR; SEB A (SEB A) with a decrease of -25.00% and closing price of 4.81EUR, as well as many other companies.

 

Although everybody already believes that the world economy is deep in recession, the National Bureau of Economic Research only on Monday confirmed that the United States had entered a recession one year before, which dragged all the ETfs down. In order to stimulate economies, central banks all over the world continue to cut the key interest rates: Central Banks of England, Sweden, New Zealand and ECB cut the rates this week. This helped European ETFs to climb up in the beginning of the week. However, these early gains were overshadowed by the statement that region’s economy will shrink next year made by the ECB president Jean-Claude Trichet. S&P 500 and Dow Jones Indices were dragged down by 3% by the pessimistic job reports on Friday.

© 2007 SSE Riga Investment Fund