Zagreb Stock Exchange’s Crobex10 index rallies to highest level since March

Zagreb Stock Exchange’s Crobex10 index rallies to highest level since March
By bne IntelliNews November 17, 2020

The two main indices of the Zagreb Stock Exchange, Crobex and Crobex10, rallied on November 16, with the Crobex10 reaching its highest level since before the pandemic-induced crash in March. 

Data from the ZSE show that the Crobex was up by 1.96% to 1,673 points on November 16 to reach its highest level since mid-June. The Crobex10 rose by 1.88% to 1,048, a level not seen since early March.

The rise in prices follows news of breakthroughs on vaccines against the coronavirus (COVID-19). 

On November 16, the US company Modena said trials showed its new vaccine against COVID-19 is nearly 95% effective. Major international indices including the FTSE100 and Dow Jones jumped on the news. 

That followed the announcement that the Pfizer/BioNTech vaccine is over 90% effective. The developers of Russia’s Sputnik V vaccine also say theirs is around 92% effective. 

Croatia was among the worst-hit economies in the EU and emerging Europe regions given its dependence on the tourism sector. The launch of large-scale vaccination programmes by next spring would mean a rebound for its tourism sector next summer. 

The revival in Croatian stocks also came after Moody’s decision to upgrade Croatia to Ba1, just one notch below investment grade.

Data

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