ZAGREB, 31 Dec (Hina) - 2024 on the Zagreb Stock Exchange was marked by strong gains, with the Crobex indices achieving double-digit growth for two years in a row, and this was primarily driven by the rise in stock prices in the industrial and construction sectors, while the biggest individual gainers were the shares of Končar.
In 2024, the Crobex index increased by approximately 26%, reaching a record level on December 18, when it closed at 3,222 points.
Similarly, the specialised Crobex10 increased by more than 29% during the year and also reached a record high of 2,016 points on December 18.
The main stock indices continued to grow strongly for the second consecutive year.
In 2023, Crobex had risen by 28%, while Crobex10 increased by 34%. This growth followed a challenging year in 2022, marked by the beginning of the war in Ukraine, major disruptions in energy markets, record inflation, and significant increases in central bank interest rates. In that year, both indices ended with a decline: Crobex dropped by 4.8%, and Crobex10 by 8.4%.
Among the sector indices, Crobexindustrija saw the largest increase this year, rising by 39% to finish at 2,275 points. Crobexkonstrukt also experienced significant growth, increasing by 26% to 663.5 points.
At the same time, the biggest decline was seen in the Crobextransport index, which fell by 18% to 1,229 points. The Crobexnutris index dropped by 5.7%, ending at 878 points, while the Crobexturist index saw a modest decrease of 0.16%, closing at 4,107 points.
Among the stocks that attracted the most investor attention this year, Končar saw the largest increase in price. After last year's 60% growth, this year its stock price surged by 137%, reaching €444. During the year, it even hit a record high of €452.
The stock was awarded the Zagreb Stock Exchange "Golden Stock" this year, and its market capitalisation surpassed €1 billion.
For this year, the company expects total revenues exceeding €1 billion, with over €1.1 billion projected for 2025. As the company enters 2025, it has secured€2.1 billion worth of contracts, which is twice as much as this year, recently noted Gordan Kolak, the CEO of Končar.
Stocks of banks in focus
After last year's surge of around 75%, strong price growth was again seen this year among the more liquid stocks, notably the shares of two banks—Zagrebačka banka (ZABA) and HPB. The share price of Zagrebačka banka increased by 80%, reaching €27 euros, and hit a record high of €28.1 during the year.
At the same time, HPB shares rose by 70%, reaching €318, and in early December, they peaked at a record €344.
There was also a significant price jump in the shares of construction companies. Dalekovod's stock increased by 58%, reaching €3.7, while Institut IGH's shares rose by 44%, reaching €15.
The price of HT shares, which received the "bronze stock" award from the Zagreb Stock Exchange this year, grew by 47%, reaching €40.2, and even hit a record €42.6 during the year.
Among the more liquid stocks, Podravka's shares, which received the "silver stock" award, ended the year with a price drop of nearly 9%, closing at €148.5. In 2022, Podravka's stock price had surged by more than 85%.
Ericsson Nikola Tesla shares saw a price decline of 7.8%, ending the year at €183.5.
