Tänan tabeli eest. Paistab, et praeguseks on indeksist välja jäänud INR1L, KNF1T, OLF1R ja juurde tulnud ARC1T, EGR1T, HMX1R ja HPR1T.
Tasude kohta ei tea, võib-olla konkurentsi puudumisest, tegu vist ainukese seda indeksit järgiva fondiga. Viimase infolehe alusel haldustasu 1% ja kogukulu (total expense ratio) 3.11%...
Ohjah, tundub et Eesti "investorid" on kõik ikkagi ainult spekulandid.
Ärileht: Eestlased on Läti tanklaketi aktsiad lätlastele maha müünud
Ärileht: Eestlased on Läti tanklaketi aktsiad lätlastele maha müünud
Kui Läti tanklaketi Virši IPOs olid rohkem kui pooled investorid Eestist, siis nüüdseks on osakaal langenud, märkis Läti Delfile Virši juht Jānis Vība.
Praegu on eestlasi aktsionäridest vaid umbes 20%, lätlasi aga ligi 70%. „Me suutsime äratada Läti investorite uinunud geeni,“ ütles Vība.
Läti tanklaketi Virši aktsiaid märgiti 2021. aasta novembris kokku 7,8 miljoni euro eest ning rohkem kui pooled investorid olid toona Eestist. Ühe aktsia hinnaks oli 4,49 eurot.
PR: Pan-Baltic capital market to benefit from single index classification
The Ministries of Finance of Estonia, Latvia and Lithuania, the European Bank for Reconstruction and Development (EBRD), the European Commission (EC) and Nasdaq Baltic jointly welcome the MSCI initiative to regionally consolidate the Estonian, Latvian, and Lithuanian markets for the purpose of index construction and maintenance.
The new single index, which will launch as of the August 2023 Index Review, will allow the three markets to be integrated into the MSCI universe and raise the profile of the region among international investors who track MSCI indices.
The approach is in line with the efforts of all relevant stakeholders to create a single pan-Baltic capital market – as outlined by a Memorandum of Understanding signed in 2017 – and is a building block of the European Union’s Capital Markets Union initiative.
The MSCI Baltic Index will initially be constructed based on Frontier Market constituents from Estonia and Lithuania. The regional index may include Latvian securities in the future, should any such securities become eligible. Ultimately, the regional consolidation will result in a larger MSCI Baltic Index with more constituents – which would have not been the case if each jurisdiction were screened separately.
“This is an extremely positive step reflecting, in part, five years of constructive dialogue with global institutional investors and index providers,” commented Jim Turnbull, Deputy Director of Capital and Financial Markets at the EBRD. “We need to support the momentum by building an inventory of debt and equity products and encouraging secondary market liquidity.”
He continued: “It is encouraging to see that the Baltic states stakeholders remain committed to encouraging new companies – including state-owned enterprises – to open their capital structures and tap the capital market. The EBRD remains focused on supporting further policy initiatives and providing investment support across asset classes to achieve these goals.”
Valdis Dombrovskis, Executive Vice-President of the European Commission, said: “I welcome the initiative to launch the MSCI Baltic Index as a further step towards the creation of a single pan-Baltic capital market. A single index classification will raise the region’s profile for international investors and provide a basis for deeper cross-border capital markets across Europe as we advance with building a true Capital Markets Union. It will also help to overcome some of the constraints that Baltic economies face in accessing finance and attracting investment due to their limited size. This initiative sends a clear message to global investors that Baltic countries are open for investment. I am glad the reform also builds on the support provided by the Commission through the technical support instrument.”
Mart Võrklaev, Minister of Finance of Estonia, said: “This is another important step in the regional cooperation of three Baltic states in developing our capital markets together. We already harmonised our covered bonds framework in this corner of Europe a few years ago. This is a good example of how small EU member states can win more from cooperation than from doing it alone. In this respect, the MSCI Baltic Index puts Baltic companies on the radar of a larger pool of international investors. We hope that the MSCI Baltic Index attracts more foreign investment and improves access to capital for Baltic companies, which will benefit our economy.”
Arvils Aseradens, Minister of Finance of Latvia, said: “We welcome the introduction of the MSCI Baltic Index and closer cooperation on capital market development in the Baltic states. The index will improve the visibility of our companies to investors. The Latvian government has committed itself to activating operations on the capital market and facilitating listings of state-owned enterprises.”
Gintarė Skaistė, Minister of Finance of Lithuania, said: "I am very pleased that our efforts of the last few years are producing tangible results – the MSCI Baltic Index. Merging the markets will increase the competitiveness of the Baltic countries by developing capital markets and promoting international investments. Moreover, the integrated Baltic securities trading infrastructure will encourage more companies to take advantage of the significantly increased capital market, open up their capital structures and use other instruments, issue shares and bonds, with the help of which the capital raised could be used to finance projects."
Kaarel Ots, CEO of Nasdaq Tallinn, said: “Regional consolidation of Estonia, Latvia and Lithuania in the new MSCI Baltic Index will support a common regional capital market by overcoming the constraints we would face due to our individual sizes. This is definitely a step in the right direction, but the index will still be part of the Frontier Markets. Our ambition is to upgrade our region to a Developed Market classification one day.”
Rahandusministeerium: Kapitali ülebaltiline kaasamine muutub lihtsamaks
Euroopa tasandil on samuti seaduseid muutmises hetkel. Peamine muudatus on EU Listing Act, ehk Noteerimise seadus.
Listings on European stock exchanges: Council and Parliament agree on new act
Suurimad muutused, mis Euroopas tulevad, on Rootsi mitmehäälelise aktsia tulek ka mujale, lisaks MIFID regulatsioonist tekkinud researchi ja kauplemise lahkulöömise osaline tagasipööramine, ehk võib uuesti hakata soft dollarite eest researchi ostma.
Rahandusminister Mart Võrklaeva sõnul on töös mitu seadusemuudatust, mis lihtsustavad väike- ja keskmise suurusega ettevõtetel Baltikumis kapitali kaasamist.
Valitsus kiitis eelmisel nädalal heaks ja saatis riigikokku eelnõu, millega tõstetakse väärtpaberite avalikul pakkumisel väärtpaberiprospekti koostamise nõude lävend seniselt 5 miljonilt 8 miljoni euroni. Samal ajal on ühtlustamisel ka nõuded, mille alusel pakkuda väärtpabereid Baltikumis lihtsustatud korras.
„Meie kapitaliturg on olnud üsna pankadekeskne ja mujalt kapitali kaasamine on ettevõtete jaoks keeruline ja kulukas. Koostöös Läti ja Leeduga ühtlustame nõudeid, mille alusel saab aktsiaid pakkuda kuni 8 miljoni euro ulatuses lihtsustatud korras. See võimaldab ettevõtetel väiksemate kuludega kapitali kaasata kogu Baltikumis korraga,“ sõnas rahandusminister Mart Võrklaev.
„Loodan et see järgmine samm Baltikumi kapitalituru elavdamiseks meelitab siia ka senisest enam välisinvestoreid, kelle jaoks meie turud eraldivõttes on seni liiga väikeseks jäänud,“ lisas rahandusminister.
Läti ja Leedu on prospekti koostamise lävendi 8 miljonile ära tõstnud ja seal on juba võimalik avalikke pakkumisi kuni selle lävendini korraldada ainult teabedokumendi alusel. Teabedokumendis esitatakse kokkuvõtvalt emitendi ja pakutavate väärpaberitega seotud teave, hoiatatakse väärtpaberi pakkumisega kaasnevate olulisemate riskide eest ja realiseerumisega kaasnevate võimalike kahjude eest. Üks suurimaid erisusi prospekti ja teabedokumendi puhul lisaks lihtsustatud nõuetele on see, et kui prospekti peab heaks kiitma Finantsinspektsioon, siis teabedokumenti mitte. See tuleb selgelt ka teabedokumendis välja tuua. Kokkuvõttes tähendab see seda, et investorid peavad olema ise väga hoolikad kui otsustavad konkreetsesse projekti oma raha paigutada.
Prospekti lävend ei mõjuta väärtpaberite börsil noteerimist, kuna siis tuleb igal juhul prospekt koostada. Küll aga mõjutab lävend alternatiivturul First North kauplemist, kuna seal pole prospekt kohustuslik kui emissioon jääb hetkel alla 5 miljoni ja muudatuste jõustumisel alla 8 miljoni euro.
Euroopa Komisjoni hinnangu järgi võivad prospekti koostamise kulud suuremate ettevõtete puhul ulatuda 300 000 euroni. Eestis jäävad need valdavalt sellest siiski ilmselt üksjagu madalamaks.
Euroopa tasandil on samuti seaduseid muutmises hetkel. Peamine muudatus on EU Listing Act, ehk Noteerimise seadus.
Listings on European stock exchanges: Council and Parliament agree on new act
The Council and the Parliament have reached a provisional agreement on the listing act, a package that will make EU public capital markets more attractive for EU companies and make it easier for companies of all sizes, including SMEs, to list on European stock exchanges.
The agreement will cut red tape and costs to help European companies of all sizes, in particular small and medium-sized enterprises, access more sources of financing.
This will encourage companies to get and remain listed on EU public markets. Easier access to public markets will allow companies to better diversify and complement available sources of funding.
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The agreement found on the Listing Package will reduce the administrative burden for companies and contribute to making EU capital markets more attractive fully in line with the objectives of the capital markets union. It is important that we continue to encourage companies to list on the stock exchange while at the same time ensuring high levels of investor protection and market integrity throughout Union.
Vincent Van Peteghem, Minister of Finance of Belgium
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The provisional agreement strikes a balance between alleviating ongoing disclosure requirements and maintaining market integrity and efficiency in the market abuse framework by narrowing down the scope of the disclosure obligation in case of protracted processes (multi-stage events). The immediate disclosure obligation no longer covers the intermediate steps of that process, instead, the issuers only need to disclose inside information related to the event that is completing the protracted process.
It also alleviates the investment research rules in order to increase the level of research on SMEs in the EU. This is important to inform potential investors about the prospect of investing in SMEs and improves the visibility of listed issuers.
The Council and the Parliament agreed that investment firms must ensure that the issuer-sponsored research they distribute is produced in compliance with the EU code of conduct.
The agreement also allows the re-bundling of payments for research and execution of orders.
The agreement between the Council and the Parliament reinforces cooperation and coordination between ESMA and the national competent authorities for instance on cooperation agreements with third countries.
The directive on multiple-vote shares has also been provisionally agreed between the Council and the Parliament.
Next steps
The text of the provisional agreement will now be finalised and presented to member states’ representatives and the European Parliament for approval. If approved, the Council and the Parliament will have to formally adopt the texts.
Background
On 7 December 2022, the Commission put forward measures to alleviate – through a new listing package– the administrative burden for companies of all sizes, in particular SMEs, so that they can better access public capital market funding, without undermining market integrity and investor protection. The listing act package consists of:
* a regulation amending the prospectus regulation, market abuse regulation and the markets in financial instruments regulation;
* a directive amending the markets in financial instruments directive and repealing the listing directive;
* a directive on multiple-vote shares.
The proposal seeks to streamline the rules applicable to companies going through a listing process and companies already listed on EU public markets with an aim to simplify for the companies by alleviating their administrative burdens and costs, while preserving a sufficient degree of transparency, investor protection and market integrity.
Note on the confirmation of the final compromise text (PDF)
Final compromise text of the listing act regulation (PDF)
Final compromise text of the listing act directive (PDF)
Capital Markets Union (background information)
Suurimad muutused, mis Euroopas tulevad, on Rootsi mitmehäälelise aktsia tulek ka mujale, lisaks MIFID regulatsioonist tekkinud researchi ja kauplemise lahkulöömise osaline tagasipööramine, ehk võib uuesti hakata soft dollarite eest researchi ostma.
Kas tänaseks on tekkinud jaeinvestorile mingeid instrumente Balti turu üksikaktsiate või indeksite shortimiseks?
Keegi võiks esiteks Balti turu indeksaktsia ära teha, kuigi esialgu ma seda ei ostaks.
15+ aastat tagasi oli üksikaktsiatele optsioone. Kuidas tänane seis?
Ei ole. Seadusandluse praktika on selline, et sedalaadi asju pole enam võimalik pakkuda ega kokku pakkida.
"Kaur"
15+ aastat tagasi oli üksikaktsiatele optsioone. Kuidas tänane seis?
Rahalises mõttes suurema portfelliga investori jaoks on Balti aktsiate optsioonid Swedbanki kaudu täitsa olemas. Võta ühendust, ehk õnnestub midagi.
EBRD on valmis saanud järjekordse regionaalse vaate CEE regioonile. 2024 September update: Along the adjustment path (PDF).
Eesti majandus esineb üsna nõrgalt, prognoosid on alandatud ja suurim korrigeerimine.
In a typical non-EU economy in the EBRD regions the spread on medium-term government debt versus
Germany has started increasing again, to around 4.5 pp while in a typical EU economy in the EBRD
regions the spread that opened in March 2022 has been maintained at around 1 pp.
In central Europe and the Baltic states growth is expected to accelerate from 0.2 per cent in 2023 and 2
per cent year on year in the first half of 2024 to 2.3 per cent in 2024 and 3.2 per cent in 2025. The
recovery in the region is uneven, with both upward and downward revisions since the May 2024 forecast,
reflecting a combination of weak external demand from advanced Europe and fiscal pressures amidst
continued resilience in labour markets.
Eesti GDP prognoos 2024: -0,8%, 2025: +2,5%. Revision since May 2024: 2024 -1,6%, 2025: -1,0%.
Läti GDP prognoos 2024: 0,9%, 2025: +2,4%. Revision since May 2024: 2024 -0,9%, 2025: -0,2%.
Leedu GDP prognoos 2024: 2,3%, 2025: +2,3%. Revision since May 2024: 2024 0,8%, 2025: 0,2%.
Baltikumi majandusprognoos:
Eesti majandus esineb üsna nõrgalt, prognoosid on alandatud ja suurim korrigeerimine.
In a typical non-EU economy in the EBRD regions the spread on medium-term government debt versus
Germany has started increasing again, to around 4.5 pp while in a typical EU economy in the EBRD
regions the spread that opened in March 2022 has been maintained at around 1 pp.
In central Europe and the Baltic states growth is expected to accelerate from 0.2 per cent in 2023 and 2
per cent year on year in the first half of 2024 to 2.3 per cent in 2024 and 3.2 per cent in 2025. The
recovery in the region is uneven, with both upward and downward revisions since the May 2024 forecast,
reflecting a combination of weak external demand from advanced Europe and fiscal pressures amidst
continued resilience in labour markets.
Eesti GDP prognoos 2024: -0,8%, 2025: +2,5%. Revision since May 2024: 2024 -1,6%, 2025: -1,0%.
Läti GDP prognoos 2024: 0,9%, 2025: +2,4%. Revision since May 2024: 2024 -0,9%, 2025: -0,2%.
Leedu GDP prognoos 2024: 2,3%, 2025: +2,3%. Revision since May 2024: 2024 0,8%, 2025: 0,2%.
Baltikumi majandusprognoos:
Central Europe and the Baltic states
Average growth in central Europe and the Baltic states (CEB) recovered from 0.2 per cent in 2023 to 2 per cent year on year in the first half of 2024. Czechia, Estonia and Latvia have experienced weak export performance, while Croatia, Lithuania, Poland, and the Slovak Republic have rebounded strongly on robust household consumption and public investment. Hungary saw robust consumption growth on the back of rising real wages, while corporate investment, especially in manufacturing, was at its lowest level since the pandemic. Rising government deficits are a source of concern, with Hungary, Poland, and the Slovak Republic being under European Commission scrutiny, calling for tax hikes and fiscal consolidations. The war on Ukraine, energy price fluctuations and declining trade with Russia and Belarus are all exacerbating external vulnerabilities, particularly in Estonia and Latvia. Weaknesses in Germany’s industry, along with slow growth in Italy and France, are leading to weaker exports across the CEB region, with Poland, Slovenia, and Hungary experiencing large drops in exports to Germany in early 2024. Recent floods disrupted economic activity in parts of the CEB region, in particular in Czechia and Poland. However, post-flood reconstruction should boost GDP growth later this year and next year. Labour markets in Czechia, Poland, Hungary, and Slovenia remain tight, with low unemployment and significant participation of foreign workers, particularly in Poland. Skill mismatches and rising labour costs raise concerns, as large minimum wage hikes in Poland, Croatia, Hungary, and the Baltic states have contributed to rapid real wage growth.
...
Estonia
Estonia’s economy has been grappling with a severe recession, the worst since 2009. Following a 3 per cent contraction in 2023, GDP fell further by 1.6 per cent year on year in the first half of 2024. The war on Ukraine has disrupted supply chains, prompting a shift from cheaper Russian and Belarusian imports to costlier alternatives. Combined with a stronger euro, this contributed to a nearly 10 per cent drop in exports over the past year. Inflation eased to 3.5 per cent in July 2024 but remains high compared with regional peers reflecting steep services inflation and a recent value added tax (VAT) increase. As a result, household consumption remains weak, constrained by low consumer confidence. Investment and hiring have also declined as businesses face rising production costs and subdued external demand. Investment dropped by 3 per cent in 2023, and the employment rate fell from 82.4 per cent in the first quarter of 2023 to 81.5 per cent in the first quarter of 2024, with unemployment rising to 7.8 per cent. Despite these challenges, Estonia is expected to remain compliant with EU deficit criteria, with the general government deficit projected to hold at 3.4 per cent of GDP in 2024. The government plans tax hikes starting in mid-2025 and a temporary corporate defence tax to support increased military spending. While the economy is forecast to contract by 0.8 per cent in 2024, growth is anticipated to return to 2.5 per cent in 2025, driven by improved external demand and domestic investment.
...
Latvia
Latvia’s economy is making a slow recovery in 2024 after last year’s downturn. In 2023, GDP contracted by 0.3 per cent, but the first half of 2024 saw a modest rebound with growth of 0.3 per cent year on year. Robust nominal wage growth of over 11 per cent and a sharp drop in inflation to 0.8 per cent by July 2024, have boosted consumer confidence. At the same time, exports remain weak, particularly in wood and metal products, due to subdued demand from the Nordic markets. A Luminor Bank survey reveals persistent concerns about inflation and rising costs, shared among 40 per cent of small and medium-sized enterprises. Investment activity has stalled after a strong rebound in 2023, which was driven by accelerated public-sector projects funded by the previous EU budget cycle. In 2024, both public and private investments have stagnated, as businesses await lower interest rates and a robust recovery in demand. Foreign direct investment flows have also moderated, from 3.4 per cent of GDP in 2023 to 1.5 per cent (annualized) in early 2024. The general government deficit is set to widen to 3 per cent of GDP in 2024, reflecting increased spending on public wages and defence. Looking ahead, Latvia’s economy should gradually recover, with GDP growth projected at 0.9 per cent in 2024 and accelerating to 2.4 per cent in 2025, supported by improving export conditions.
Lithuania
Lithuania’s economy is regaining momentum, buoyed by solid household consumption, rising investment, and a recovery in services exports. After a downturn last year, GDP grew by 2.4 per cent year on year in the first half of 2024, supported by a 9.3 per cent year-on-year increase in real gross wages in the second quarter of 2024. Public investments, especially in green energy and defence, are boosting growth, while service exports, particularly transport services, are rebounding from previous global disruptions. While headline inflation stood at 1.1 per cent, services inflation reached 6.1 per cent, driven by rising labour costs. The ECB’s Harmonised Competitiveness Indicator shows a nearly 12 per cent drop in international competitiveness compared with pre-pandemic levels. Exports to Russia fell from nearly 20 per cent before 2014 to around 5 per cent of total exports in 2023, marking the steepest decline in Russia’s market share of exports among the Baltic states. Despite most exports having been redirected to the EU, Lithuania’s share of global exports fell. Unemployment stood at 8.2 per cent in mid-2024, and significant skill mismatches persist. The general government deficit is expected to widen to 1.6 per cent of GDP in 2024, driven by increased social spending and defence outlays. As financing conditions ease, GDP growth is projected to reach 2.3 per cent in 2024 and 2.5 per cent in 2025.
Avaldati uued indeksite koos-seisud:
Indeksi OMX Baltic 10 uus koosseis
Indeksi OMX Baltic 10TM (OMXB10) koosseisu poolaasta korrigeerimisarvutused on lõppenud ning indeksi uus koosseis jõustub neljapäevast, 02. jaanuar 2025. a. kauplemispäeva algusest.
Seekordse korrigeerimise tulemusena lisatakse indeksi koosseisu: Telia Lietuva (TEL1L).
Seekordse korrigeerimise tulemusena eemaldatakse indeksi koosseisust: Apranga (APG1L).
Indeksi OMX Baltic 10TM koosseis on kättesaadav veebilehel: Nasdaq’s Global Index Watch
Indeksi OMX Baltic 10TM koosseisu arvutatakse kaks korda aastas: jaanuaris ja juulis.
Rohkem infot indeksi arvutamise metoodika kohta leiab: OMX Baltic 10 Index Methodology.
…ja …
Indeksi OMX Baltic Benchmark uus koosseis
Indeksi OMX Baltic BenchmarkTM (OMXBB) koosseisu järjekordsed korrigeerimisarvutused on lõppenud ning indeksi uus koosseis jõustub neljapäevast, 02. jaanuari 2025. a. kauplemispäeva algusest.
Seekordse korrigeerimise tulemusena lisatakse indeksi koosseisu: Infortar (INF1T).
Seekordse korrigeerimise tulemusena eemaldatakse indeksi koosseisust: AUGA Group (AUG1L) ja Pro Kapital Grupp (PKG1T).
Indeksi OMX Baltic BenchmarkTM koosseis on kättesaadav veebilehel: Nasdaq’s Global Index Watch.
OMX Baltic Benchmark TM Indeks mõõdab Nasdaqi Balti börsil noteeritud suurimate ja enim kaubeldavate väärtpaberite tootlust. Indeksi OMX Baltic Benchmark TM koosseisu arvutatakse kaks korda aastas: jaanuaris ja juulis. Rohkem infot indeksi arvutamise metoodika kohta leiab: OMX Baltic Benchmark Index Methodology.
Infortari kohe indeksisse mitte lisamise tõttu on Tallinna Börsi indeks oluliselt madalamal, kui võiks olla. Ca 10protsendipunkti madalamal.
Kui INF1T oleks olnud kohe indeksi koos-seisus, siis polekski võibolla seda juttu, et miks turg on halb ja miks aktsiad ei tõuse.
Nüüd lisatakse INF1T nii hilja Balti indeksisse. Indeks on heast tootlusest ilma jäänud.