Moldova's National Commission for Financial Markets (CNPF) published capital market indicators for January–June 2025, showing that primary-market issuance volumes rose 33.8% year on year to MDL 427.19 million despite a drop in the number of issues from 51 to 28. Secondary-market turnover fell 22.43% to MDL 812.38 million, while the number of trades more than doubled to 1,234, with off-exchange activity accounting for most turnover and transactions. Primary-market issuance comprised one initial share issue of MDL 0.95 million, 25 additional share issues totalling MDL 130.14 million, and two bond issues by BC Moldova-Agroindbank (MAIB) totalling MDL 296.1 million. The average issue size increased to MDL 15.25 million from MDL 6.26 million a year earlier; six issuers accounted for MDL 116.63 million of additional share issuance via placements above MDL 5 million per issue. Foreign direct investment contributions to share capital amounted to MDL 7.86 million (6% of total share issuance), up 2.75 times year on year, driven by additional share issues by Farmaco (Romanian investors, MDL 7.28 million) and Dacia-LV (German investors, MDL 0.58 million). MAIB’s bond placements were made under a public offer programme targeting up to 10 issues totalling 75,000 bonds of different classes (MDL 1.5 billion overall, MDL 20,000 nominal per bond) within up to 12 months from publication of the prospectus approved by CNPF in February 2025. On the secondary market, off-exchange trades represented 76.3% of turnover and 95.1% of transactions; while regulated-market turnover dropped by around 22%, the Moldova Stock Exchange’s MTF platform increased to MDL 8.19 million from MDL 0.37 million, largely due to a single MDL 8.18 million trade involving a 16.81% stake in Floare Carpet. The regulated market recorded 56 equity trades worth more than MDL 184 million, of which a Moldasig share trade worth over MDL 137 million accounted for 72.8% and reflected completion of a legal procedure linked to earlier administrative measures addressing the insurer’s non-compliant shareholder structure. Off-exchange turnover declined from MDL 810.33 million to MDL 619.46 million even as trades rose to 1,174 from 381, reflecting registrations tied to mandatory buy-out procedures under Article 30 of the Capital Market Law at Drumuri Balți, Renet, Vitarservice and Calcar.
National Commission for Financial Markets 2025-08-11
Moldova's National Commission for Financial Markets reports primary issuance up 33.8% to MDL 427.19 million and secondary-market turnover down 22.43% in January–June 2025
Moldova's National Commission for Financial Markets reported a 33.8% increase in primary-market issuance volumes to MDL 427.19 million for January–June 2025, despite a decrease in the number of issues. Secondary-market turnover fell 22.43% to MDL 812.38 million, with off-exchange activity dominating transactions. Notably, foreign direct investment in share capital rose significantly, driven by Romanian and German investors.