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Estonian securities market in the third quarter of 2011

Estonian securities market in the third quarter of 2011

06.10.11 NASDAQ OMX Tallinn

According to NASDAQ OMX Tallinn, the OMXT index fell to 536.30 (-16.7%) by the end of Q3. The share prices of all companies fell during the quarter, and in the case of three companies the prices fell by more than 25%. Arco Vara (-34.0%), Merko Ehitus (-35.2%) and Olympic Entertainment Group (-28.8%) surrendered the most. The market capitalisation of NASDAQ OMX Tallinn fell by -17.0% to EUR 1.25 billion. During the quarter, 24 400 transactions in securities were concluded and total turnover was EUR 53.7 million.

Q3 was surprising, as the index fell sharply in August and September and August saw high trade activity. The total number of transactions in August was 13 084 (10th best result of all time) and turnover was EUR 27.3 million (best result of the last 18 months). Average daily turnover reached EUR 1.2 million in August and the average transaction volume was EUR 2090.

AS Baltika held an additional public offering in July and collected approximately EUR 3 million in new capital. New shares have been listed on the stock exchange since 5 August 2011.

The EPI index, which reflects the average yield of funded pension funds, was 136.24 points at the end of Q3, having dropped 4.8% since the start of the quarter. During the quarter, the volumes of funded pension funds fell from EUR 1.108 billion to EUR 1.086 billion, which is a decrease of 1.98%.

Compared to Q3 2010, the volumes of pension funds have increased by EUR 55 million.

At the end of Q3 the volume of supplementary funded pension funds was EUR 81.2 million, which is a drop of 9.8% since the start of the quarter.

Active replacement of pension funds continued in the previous quarter. A total of 23 097 replacement applications were submitted, remaining on the same level with the number of Q2 applications. A total of 53% of replacements involved the transfer of less than 500 units from one fund to another, of which 37.5% were replacements which included transfers of up to 100 units from one fund to another.

As at end of the quarter, 1303 of the 6532 companies, or almost 20% who had registered with the Estonian Central Register of Securities, had converted their capital to euros. Starting from January 2012, it will be impossible to register a company’s capital increase or decrease as well as amendments to the articles of association, if the capital is still in Estonian kroons.

As at the end of Q3, 6532 firms were registered with the Estonian Central Register of Securities, of which 4147 are public limited companies and 2385 are private limited companies.

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