Tallinn’s stock market roars back as gold prices surge in 2025
The year 2025 brought surprising shifts in investment trends. While gold surged by roughly 65 per cent, reflecting widespread uncertainty, the Tallinn stock market broke a three-year slump with an 18 per cent rise. Meanwhile, bond markets across the Baltics saw unprecedented activity, with companies raising nearly €2 billion in total. For years, the Tallinn stock market had remained stagnant. That changed in 2025 when it climbed by 18 per cent, outperforming even the S&P 500. The jump marked a sharp turnaround after three flat years. Bonds also had a standout year on the Tallinn Stock Exchange. Nearly €300 million was raised through bond issues, contributing to a regional record. Across Estonia, Latvia, and Lithuania, companies collectively secured close to €2 billion—an all-time high for the Baltic exchanges. The head of the Tallinn Stock Exchange pointed to financial literacy as a key area for state support. Looking ahead, they anticipate stock prices will keep rising in 2026. Still, the Estonian economy itself grew slowly in 2025, despite the stock market's strong performance. While gold dominated as the top investment, soaring by about 65 per cent, data on which Baltic company raised the most capital remains unavailable. Public records have yet to identify the leading issuer from last year's bond boom. The 2025 figures highlight a mixed but dynamic financial landscape. Stocks in Tallinn rebounded strongly, bonds hit record levels, and gold became the standout asset. With expectations of further growth in 2026, the focus now turns to whether these trends will hold—and how the broader economy will respond.
