Slovenian Stocks Rise Sharply on Positive Global Mood

The blue chip SBITOP index of the Ljubljana Stock Exchange (LJSE) surged 8.72% to 1,311.20 and the SBI20 index gained 7.98% to 5,832.56 on Tuesday. The indices gained nearly six percent each on Monday.

The LJSE extended gains on Tuesday in tune with global markets, Andraz Vrh, an assets manager at the local Ilirika brokerage, told SeeNews.

European and Asian markets continued to rally on Monday, extending their gains from the previous day as they welcomed the pledge of support from governments worldwide for the financial institutions in a bid to ward off a global slowdown.

“Today was an extremely positive day [...] the market is a bit mad and reacts impulsively,” Vrh said.

He expects markets to calm down towards the latter part of the week. “It will be fine if things calm down [...] and investors see where we are, what the companies’ performance is, and what we can expect in the future,” he added.

All 10 blue chips gained ground on Tuesday with fuel trader Petrol as the top gainer, surging 14.21% to an average price of 408.44 euro ($551).

The LJSE on Tuesday temporarily expanded the price range triggering suspension of trading in shares of Petrol, drug maker Krka and airport operator Aerodrom Ljubljana to 20% from 10%.

Krka gained 9.97% to 73.47 euro in the day’s highest turnover of 4.0 million euro. Shares of Aerodrom Ljubljana, part of the SBI20 index, were up 8.42% to 55.52 euro.

LJSE's total turnover rose to 7.6 million euro on Tuesday from 5.98 million euro on Monday.

($ = 0.7406 euro)