Tehnogas, Dunav lift off Belex to new record highs

The domestic stock market rose strongly for the second week, mainly due to expectations of a takeover bid for Tehnogas (TGAS). The index of the most liquid stocks, the Belex15, rose 2.3% to 1,085.4 points. In August, the index rose by 6.2%. The weekly turnover was almost RSD 301 million (EUR 2.6m).

The most active stock was Belgrade Airport (AERO), which remained unchanged at RSD 1,900 with a turnover of RSD 15.5 million. In the first eight months of the year, the stock rose by 9.9 %, following a positive change of 8.4 % in the previous year.

Shares in Dunav Osiguranje (DNOS) rose a further 6.0% to RSD 1,220 on a turnover of RSD 6.7m. The share price continued its upward trend and reached a 52-week high but is still well below the levels seen before the distribution of free shares to employees in the spring of 2002 when the value of the share fell sharply.

Messer Tehnogas jumped 6.4% to RSD 30,048 on sales of RSD 6.1m in anticipation of the takeover bid by majority owner Messer. The German company, which has controlled Tehnogas since 1997, is trying to increase its stake after a failed attempt in April for RSD 25,000 per share.

The Petrolem Industry of Serbia (NIIS), which paid a dividend last week, continued its recovery and reached the RSD 828 level, an increase of 1.6%. Total share turnover amounted to RSD 5.2m, mainly due to tight supply at current levels.

Preference shares in Philip Morris (DINNPB) were among the most actively traded securities, with a 1.7% increase to RSD 8,250 and a turnover of RSD 3.5m. This dividend-paying stock, which has a record date of 31 December, is up 3.1% since the beginning of the year.

WEEKLY REPORT, August 26-30, 2024