Slovenia’s Zavarovalnica Triglav erases gains, SBITOP edges down

Zavarovalnica Triglav shares ended 0.90% lower at 33.1 euro after four deals for 27 shares. On Tuesday, the company was the top blue-chip gainer, adding 1.21% to 33.4 euro.

The SBITOP index, which tracks the most liquid and capitalised stocks on the LJSE, edged down 0.03% to 844.13 points.

Total trading turnover on the LJSE fell to 493,820 euro ($561,355) on Wednesday from 685,130 euro on Tuesday.

Slovenian fuel retailer Petrol [LJE:PETG] recorded the largest trading turnover on the LJSE on Wednesday, of 198,810 euro.

Nova Ljubljanska Banka [LJE:NLBR] advanced the most among blue chips on Wednesday. The company's shares gained 0.96% to a closing price of 62.8 euro.

On Monday, finance minister Andrej Bertoncelj said Slovenia's government is considering lifting the restrictions in the management of the country’s largest bank Nova Ljubljanska Banka in a bid to advance its privatisation. The restrictions in force concern the possible sale of NLB Vita, the bank's insurance subsidiary, leasing services, factoring, and the closure of branch offices.

Slovenia will continue to dispose of NLB shares in 2019, selling up to 75% minus one share, Bertoncelj also said. In a public offering in November, Slovenia sold 11,818,181 shares, or 59.1% of all NLB shares, for 51.50 euro each. With the enforcement of a special stabilisation option, this stake can grow up to 65% and the proceeds for the state can reach 669.5 million euro, NLB said at the time.

The IPO was part of Slovenia's commitments undertaken as part of NLB's restructuring plan agreed with the European Commission in 2013. Nova Ljubljanska Banka was 100% state-owned since 2013, when the Slovenian government stepped in to recapitalise it. That same year, Slovenia committed to the European Commission to sell part of NLB.

($ = 0.8795 euro)