Tallinn exchange livelier

The six months’ turnover of the Tallinn stock exchange might suggest that the market has come out of hibernation after several years; however, the upturn is rather the result of extraordinary events than sustainable growth of trading activity- writes postimees.ee

Statistics puts half-year turnover at €144 million which is greatest since the first half-year of 2008 and greater than the annual turnover for 2012 and 2014. The bad news is that the lion’s share or more than a third of total turnover came from the share of entertainment group Olympic EG the takeover bid of which most shareholders accepted. Shares of major owners Armin Karu and Jaan Korpusov moved into the hands of venture capital fund Novalpina over the counter. The six months’ turnover of Olympic’s share was €53 million. The share was also actively traded last year when it made up 25 percent of total turnover.

Local investors hope that Port of Tallinn will fill the vacancy left by Olympic when it exits the exchange. The port’s market value is half a billion euros, while that of Olympic amounts to €289 million.

The share of Port of Tallinn was actively traded in the first days after the state company’s IPO. Trading was most active on June 13 when share turnover amounted to €6 million and the two following days that yielded turnovers of €2.7 million and €3.4 million respectively. Daily turnover has not exceeded €2 million after that but has hovered around €1.5 million. The total trading volume over 13 days came to €20 million and was good enough for third place.

The second most traded share of the half-year was Tallink on €22 million. Tallink issued a mysterious press release in late July last year that was interpreted as intent to sell. It was unclear what would be sold but the market speculated that the shipping company would pull out of the exchange in the wake of a beautiful takeover bid. The share price soared to €1,25, growing by more than a third on the news.

It was clear by late March that no transaction, whatever it had been, would come and the plan would be postponed for some time. Paavo Nõgene became the new CEO of the company tasked, according to members of the supervisory board, with boosting the share price.

Nine months of uncertainty and speculation had an invigorating effect on Tallink’s share. Barring a general upturn in market activity, it is unlikely Tallink’s share will remain as popular next year and the year after that. The company is planning a parallel listing on the Helsinki exchange, and because no additional shares will be issued, it is likely trading activity in Tallinn will suffer further.

Looking at share price and index trends, such a modest first half-year has not been seen for years. The index OMXT grew by 1.57 percent in six months. The last time results for the first half-year were so slow was in 2014 when the index shrank by 1.9 percent (annual drop of 7.7 percent). The Tallinn exchange turned 22 a month ago, and the index and its predecessor Talse have climbed a total of 9.6 percent in those years.

The index climbed for three months and fell also for three months during the first half of 2018.

Looking at individual shares, 11 managed to rise while four fell.

The year has been most successful for frozen fish and fish products manufacturer PRFoods. The company acquired two UK fish industries and a Finnish fish trader last year. Investors seem to believe these are good investments and remain hopeful as concerns the company’s plans for the future.

The growing share price is notable also because former board member of PRFoods’ subsidiary Vettel, Pekka Pentti Olavi Lahtinen, sold all of his shares (104,177) in May and June, with the transaction making up almost 10 percent of total trading volume of the share. CEO Indrek Kasela bought 17,175 shares.

The half-year’s poorest share was that of textile and clothing manufacturer Baltika price of which dropped to €0.208 yesterday. The share was last this cheap in February of 1999.

Read more news of Tallinn on our site.

Tallinn exchange
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
4 views in november
I recommend
No recommendations yet


Post your comment to communicate and discuss this article.

Coalition partner the Social Democratic party (SDE) has announced its top riders for the March 2019 elections in Estonia's 12 electoral districts, though its full list will be confirmed in December, the party says. There are no real surprises on a well-stocked list which includes the recently-attracted Indrek Tarad, currently still an independent MEP. Mr Tarand, whilst standing for SDE, has not as yet become a party member. Since the system in Estonia is a...
According to Statistics Estonia, the change of the consumer price index in October 2018 was 0.5% compared to September and 4.4% compared to October of the previous year. Goods were 3.7% and services 5.7% more expensive compared to October 2017, while regulated prices of goods and services increased by 9.1%, and non-regulated prices by 3.1%. Compared to October 2017, the consumer price index was affected the most by transport, which contributed nearly a thi...
The Ministry of Culture has rejected the request of English-language web magazine Estonian World (EW) for support from the state to to the tune of €5,000 for the remainder of 2018. The ministry has, however, promised to seek opportunities for supporting the portal in 2019. "Unfortunately, the support to this extent of English-language Estonian media outlets is not provided for in the agenda and budget of the government-approved Compatriots Programme for th...
Last Wednesday, Theatre NO99 abruptly announced that it would be closing its doors, with its final performances scheduled for November and December. The theatre will be vacating a large building at the Central Tallinn address of Sakala 3, interest in which has been expressed by Sakala Skene, a new open centre for the performing arts and theatre education. Sakala Skene is a new brand uniting Polygon Theatre and Polygon Threatre School, Old Baskin's Theatre,...
The European Athletics Council has decided to award the right to host the European Athletics Under 20 Championships in 2021 to the Estonian Athletic Association, which will stage the event at Tallinn's Kadriorg Stadium. The same format was previously successfully hosted by the Estonian Athletic Association in 2011, in collaboration with the City of Tallinn. At the European Athletics Council meeting in Budapest, the Estonian bid to host the event was presen...
The Ministry of Foreign Affairs has reopened the Estonian embassy in Budapest. The ministry announced the step on social media on Monday, saying that starting 5 November the embassy is offering consular services again. The embassy is providing consular services and assistance starting 5 November. Anyone who would like their documents issued there can indicate so on the application form, the ministry said. Consular services are available by advance appointm...
Every day, some 30 people in Estonia call the Health Board complaining that a family doctor in Tallinn won't take them as a patient even though they technically have room on their patient rosters to accept new patients. Family doctors, however, find that working with too large a patient list could jeopardise the quality and accessibility of their care. Estonian Society of Family Doctors chairperson Le Vallikivi explained to daily Postimees that they are fa...
Conservative People’s Party (EKRE) Riigikogu group chair Martin Helme has paid to boost his social media presence and used Riigikogu expenses benefits to pay for highlighting posts, a recent Riigikogu Chancellery document reveals. Postimees wrote earlier in the week about EKRE’s social media success and how their messages seem to reach more voters. Facebook’s company pages can be highlighted to reach more people. But the practice costs money. Bought posts...
40% of employers in Estonia intend to increase their employees' wage levels, while 39% are planning on creating new positions and 70% intend to hire new employees to replace outgoing workers and fill temporary or new positions, it appears from a survey conducted by recruitment portal CVKeskus.ee and the Salary Information Agency. "40% of employers are planning to raise their employees' basic salaries, which is indicative of the wage pressures resulting fro...