Belex above 900 points, NIS most traded stock

The Serbian stock market exceeded 900 points, measured by the Belex15 index, for the first time since October 2008. This basket of the most liquid shares jumped 1.2% to 904.5 points, while the total turnover on the market amounted to RSD 1.4bn (EUR 11.8m).

The Petroleum Industry of Serbia (NIIS), in the week it announced Q1 business results, posted a turnover of RSD 73.4m with a price increase of 1.7% to RSD 796. Most of the turnover was executed in several large transactions at RSD 800 level. The company announced Thursday a profit for the January-March period of RSD 11.7bn, which is 25% lower than last year, primarily due to a 20% drop in the average price of crude oil.

Dunav Osiguranje (DNOS) recovered by an additional 3.1% to RSD 1,067 with a turnover of RSD 4.6m. The AGM of the company adopted a dividend of RSD 33.89 per share after the largest shareholder, the Republic of Serbia, submitted this proposal.

Shares in Belgrade Airport (AERO) jumped 1.1% to RSD 1,920 with a turnover of RSD 3.6m. The company reported that last year, for the first time since the start of concession, it made a net income of RSD 20.2m.

Messer Tehnogas (TGAS) and Jedinstvo Sevojno (JESV) remained at their current levels after both companies announced a drop in FY22 profit. Tehnogas’ consolidated profit dropped by 28.6% to RSD 2.3bn due to higher electricity prices and write-offs. Jedinstvo recorded a non-consolidated profit of RSD 238.7m compared to RSD 355m in the previous year, primarily due to a drop in revenues by a third.

WEEKLY REPORT, April 24-28, 2023