Business News

Stock Market Surges 4.15% Despite Slow Trading

Ljubljana, 20 October (STA) - It was a week of slow trading on the Ljubljana Stock Exchange, but the SBI TOP benchmark nevertheless gained 4.15% to 598.17 points. All blue chips gained ground as brokers wrapped up a meagre five million euros in deals.

The turnover this week "is below average in light of past few weeks", Andrej Zakotnik of the brokerage GBD told the STA.

The biggest gainer was insurer Zavarovalnica Triglav, which surged 6.76% to EUR 15.80, followed by retailer Mercator, which added 4.80% to EUR 118.95, and household appliance maker Gorenje, which was up 4.60% to EUR 4.55.

Commenting on the announcement that two banks, Abanka Vipa and Banka Koper, withdrew from the consortium trying to offload a majority stake in Slovenia's biggest retailer Mercator, Zakotnik noted that "a consortium has twice already failed to sell the stake".

Heavy gains were also reported by pharma company Krka (4.41% to EUR 48.55), telco Telekom Slovenije (3.39% to EUR 79.30), bank NKBM (3.05% to EUR 1.39) and energy company Petrol (2.72% to EUR 208).

Outside the benchmark index trading was mixed as reinsurer Sava Re surged 6.06% to EUR 7, while shipping company Intereuropa lost 1.67% to EUR 0.59 and port operator Luka Koper shed 1.28% to EUR 7.70.

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