The domestic stock market continued its upward trend for the third consecutive week, with investors focusing on Messer Tehnogas (TGAS) after strong demand neutralized the current takeover bid (TOB) by the majority owner. Total turnover on the market amounted to RSD 526.7m (EUR 4.5m), while the Belex15 index rose by 1.2% to 1,140.1 points.
Tehnogas recorded a turnover of RSD 64.3m, mostly at RSD 33,000, which made Messer’s takeover bid of RSD 31,250, open until October 28, meaningless. The company’s largest minority shareholder, the Sempiola investment fund, was the week’s biggest buyer, signaling to the market that even a second, improved TOB would not bring the majority owner the final consolidation of ownership.
Shares in Dunav Osiguranje (DNOS) fell 0.8% to RSD 1,315 on a turnover of RSD 10.1m. The stock has continued fluctuating around the RSD 1,300 level and has traded at a PE ratio of 5.6x.
Belgrade Airport (AERO) led the gainers, with a jump of 5.1% to RSD 1,997 and a turnover of RSD 5.1m. On Friday, the stock hit the RSD 2,000 level, its highest 52w value.
The Petroleum Industry of Serbia (NIIS) saw strong demand Friday, pushing the stock by 1.1%. The stock closed the week at RSD 827 with a turnover of RSD 6.2m. The company announced that it will publish its quarterly results for July-September on Monday, October 28.
Source: Momentum
