The Barometer concluded 2025 at a record high level, increasing by 12% year-on-year (y/y) and reaching a value of 226 (2018 = 100), driven by investor activity and the increasing relevance of the capital market in the information space. Looking at the components of the barometer– investor and media activity increased by 14% year-over-year, while market volume grew by 5%.
Overall, investor activity continues to grow in terms of both investment volume and the number of transactions. Market turnover increased by 24% y/y, while the number of transactions grew by 10%. This indicates that the average investment amount per transaction is becoming larger. This trend may mean that individuals are directing more funds specifically toward investments, and that institutional investors are becoming more active.
In the information space, increasing attention is being paid to the capital market and investments, as well as discussions on these issues, which undoubtedly serves as a catalyst for investor activity. The number of publications increased by 18% y/y, while the audience size grew by 11%.
Meanwhile, development on the supply side of the market remains relatively sluggish. Positively, market capitalisation has increased – by 10% y/y in the stock segment. Although there were no IPOs on the Riga stock exchange during the year, the rise in existing stock prices contributed to the increase in total capitalisation. In the bond segment, total capitalisation remained stable, increasing by 1% y/y. In 2025, the bond market in both the Baltics and Latvia reached its highest historical activity; however, the volume of bonds listed on the exchange remained unchanged because many bonds were redeemed.
The conclusion remains unchanged this year – investors are increasingly seeking investment opportunities in the local capital market and capital raising is entirely possible, as evidenced by previous successful issues. Demand is growing in the local capital market, and there is room for new participants. Companies are better understanding bonds as an alternative source of financing, and this segment is gradually strengthening. At the same time, some scepticism remains regarding stock listings, which could potentially be broken in 2026 by one of the Riga municipal or Latvian state enterprises.
Barometer Methodology
Capital Market Activity Barometer indicators
are divided into three large categories:
01 Investor activity
02 Media activity
03 Market volume
Investor Activity
This category has two indicators: the total turnover of the Nasdaq Riga Stock and Bond Market and the volume of transactions. Market turnover is indicative of the volume of money circulating within the domestic capital market. In other words, it indicates whether investments in the market are growing or, on the contrary, money is flowing out of the market. Furthermore, the volume of transactions in this context accurately reflects the activity of smaller investors (retail investors) in the market, illustrating the nature of the market's investor base and the general popularity of the capital market within society. A growing number of small investors provides several benefits – a healthy proportion reinforces market liquidity and efficiency, while also reducing the bid-ask spread (the difference between the asking price and the bid price).
Media Activity
This category has two indicators: the number of media articles and audience size. The selection of articles is based on a keyword identification method. The data is compiled by the national news agency LETA, selecting articles that include the following keywords: capital market, bonds, Nasdaq Riga, stock exchange listing, IPO, share issue. Media activity and audience size reflect overall public awareness of events in the domestic capital market.
Market Volume
This category has four indicators: total capitalization and the number of listed stock issuers on Nasdaq Riga, as well as total capitalization and the number of listed bond issuers. This category reflects how actively companies are using the domestic capital market to attract funds, as well as the size of the issuers, illuminating the market offering for investors. This is a vital precondition for attracting investors.
