SEE stock exchanges gain momentum in 2012, as regional hubs stand out
The stock markets in SEE closed 2012 on a positive note as the majority of the TOP 100 public companies saw their market value increase and the blue-chip indices reversed their downward trend. Despite the upturn, the indices failed to erase the losses accumulated in 2011. Meanwhile, the overall growth in the combined capitalisation in SEE was mostly prompted by the good performance of the three leading stock markets in the region: Zagreb, Bucharest and Ljubljana. Romanian and Croatian companies asserted their dominance at the lead of SEE publicly traded companies, the 2012 ranking by market cap showed. Slovenia, Macedonia and Serbia each had a representative in the top 10 of market value heavyweights, making the list more mixed. A year earlier only one Slovenian and one Bulgarian company made it to the big league.
Last year was particularly strong for oil and gas firms on the bourse. Romania’s OMV Petrom topped the ranking with market capitalisation of 5.48 billion euro. The oil and gas group earned two spots, after closing 2011 with 3.8 billion euro. Investors were reassured by its improving financial results. "After
Romanian and Croatian companies asserted their dominance at the lead of SEE publicly traded companies, the 2012 ranking by market cap showed
a recent period of volatile crude prices and macroeconomic uncertainty, 2012 was a year of relative stability, with strong operational and financial performance for Petrom," CEO Mariana Gheorghe commented on the annual figures.
Due to a change in the methodology of the ranking, the 2011 leader, Vienna-based Erste Group Bank, listed in Bucharest, dropped out of the 2012 snapshot.
INA-Industrija Nafte, the Croatian refiner controlled by Hungary’s MOL, cemented its runner-up position with a market value of 5.2 billion euro, up 3.0% on the year. While its bourse positions remained strong, INA’s financial results suffered as the company halted its gas and oil business in Syria to comply with EU policy on the politically unstable