The price of Adris’ privileged shares has fallen to 281 kuna

The indices of the Zagreb Stock Exchange strengthened today for the second consecutive day, with a significant increase in trading volume, focusing investors’ attention on the shares of the Adris Group, whose price fell following the announcement of business results for the first half of the year.

The Crobex index was up 0.63 percent around noon, at 1,854 points, while Crobex10 was up 0.56 percent, at 1,044 points.

Regular trading reached 10.2 million kuna, which is approximately 8 million more than at the same time yesterday.

-From a technical perspective, the 20-day moving average of Crobex crossed the 50-day moving average at 1,830 points, which is a positive technical signal. However, Crobex faces resistance at the 200-day moving average, which is at 1,860 points. It has been oscillating in that range for some time- says Siniša Gašparević, investment advisor in the Treasury and Investment Banking Sector of Splitsko-Dalmatinska Bank.

If Crobex manages to break through that level in the next two days at closing, it would indicate the onset of a positive trend in the domestic market, Gašparević assesses.

Today, investors are focused on the shares of the Adris Group, which announced this morning that it achieved a post-tax profit of 38.4 million kuna in the first six months of this year, a decrease of 71.2 percent compared to the same period last year.

Total revenues of the Adris Group amounted to 1.37 billion kuna, or 3.6 percent less.

Adris also stated that the profit before tax, interest, and depreciation amounted to 214 million kuna, which is 7.7 percent lower than last year’s.

By noon, the highest trading volume was achieved by Adris’ privileged shares, amounting to 2.6 million kuna, with a price decrease of 0.6 percent, to 281 kuna. The price of Adris’ regular shares also fell by 0.51 percent, to 310 kuna, with a trading volume of 1.6 million kuna.

A million kuna trading volume was also achieved by the shares of Ericsson Nikola Tesla, amounting to 1.9 million kuna. Its price increased by 1.65 percent, to 1,558 kuna.

Among the larger gainers, shares of Arenaturist increased by 7.61 percent, and Atlantic Group by 6.58 percent.

European exchanges are trading cautiously today as investors await the latest macroeconomic reports – on US GDP, employment in the US, and a statement from the Fed meeting.

Currently, the London FTSE is up 0.5 percent, while the Frankfurt DAX and Paris CAC are stagnating.

-Among certain sectors, a sharp decline in stock prices has been recorded in the petrochemical sector due to poor business results. For example, Canadian Potash recorded a price drop of 16 percent at yesterday’s close, and German K+S by 22 percent. And just at such a moment, the recapitalization of Petrokemija begins- notes Gašparević.

The government yesterday gave consent to the Agency for Management of State Property (AUDIO) to participate in the recapitalization of Petrokemija, and instructed the relevant bodies to initiate the process of selecting a strategic partner for that company, in which the state would retain at least 25 percent plus one share. After Petrokemija’s shares rose by 3.25 percent yesterday, they are up an additional 2.18 percent today, currently trading at 224.79 kuna.

From macroeconomic indicators, the State Bureau of Statistics announced that industrial production in Croatia weakened by 1.5 percent year-on-year in June, marking the third consecutive month of decline, but slower than a month earlier.

This is a significantly slower decline than in May, when production plummeted by 5.3 percent, and less than expected.

Four macroeconomists who participated in a Hina survey estimated that industrial production in June fell by an average of 3.0 percent year-on-year. Their estimates of the decline ranged from 2.5 to 3.5 percent.