Belex starts H2 on the wrong foot, NIS slips to RSD 700

The Serbian stock market opened the second half of the year with a drop in value, while turnover weakened significantly due to the seasonal effect mostly. Thanks to the government bonds, total turnover reached RSD 1.2bn (EUR 10.1m), while the Belex15 index weakened by 0.9% to 861.4 points.

The most active stock on the market was Dunav Osiguranje (DNOS), which recovered 2.5% to RSD 953 with a turnover of RSD 5.6m. The company paid Friday a dividend from last year’s profit. Previously, the controlling shareholder, the Republic of Serbia, changed the management’s proposal that the net income remains undistributed. The shareholders received a gross dividend of RSD 33.89 per share, and the company set April 17 as the record date.

The Petroleum Industry of Serbia (NIIS) recorded a downward trend for all five trading days and fell to RSD 700 on Friday. Shares in this largest company on the Belgrade Stock Exchange weakened by 3% to RSD 710, roughly the same level as the stock price before the record date adjusted for the gross dividend.

Shares in Messer Tehnogas (TGAS) have fluctuated slightly around RSD 14,000 with solid demand. Construction company Energoprojekt Holding (ENHL), which has been trading around RSD 350 for months, recorded a modest turnover at this level. Metalac (MTLC) led the losers again with a small turnover. The stock sunk 6% to RSD 1,504.

WEKLY REPORT, July 3-7, 2023