Stock Market Down in Q1 After Good Year
The NASDAQ OMX Tallinn index has fallen 2.6 percent to 796.5 points since the beginning of the year, after climbing 11.38 percent in 2012.
The index peaked at over 850 points in mid-November, but began dropping sharply at the beginning of March, coinciding with the Russia-Ukraine conflict. Stock indexes of all the Baltic nations dropped in March, although OMX Vilnius has returned to February levels, with an average increase of 8 percent in the first quarter. The Riga OMX has fared worse, and is down by 10 percent since the beginning of the year.
Only five out of 13 companies on OMX Tallinn are up this year, with construction company Merko (+7.6 percent), Tallinna Vesi (+5.9) and Tallinna Kaubamaja (+5.7) leading the way. Fashion group Silvano (-20.2 percent), furniture manufacturer Skano (-18.4) and real estate firm Arco Vara (-17.1) are the biggest losers in the first quarter.
The market's record was set in February 2007, when OMX Tallinn closed at 1,011 points.