Belex at 52w high on low turnover

The domestic share market hit the 52w highest level last week after the growth of several shares from the index basket with modest turnover. The index of the most liquid shares, Belex15, increased by 1.1% to 1,077.6 points, while the total turnover in trading amounted to a modest RSD 278.1m (EUR 2.4m).

The most active stock from the index basket was Messer Tehnogas (TGAS), which recorded a realization of less than 16 million dinars with a price increase of 2.1 percent to 25,015 dinars. The majority owner, Messer, launched a public takeover bid at RSD 25,000 in April, increasing its stake by 3.5%. This move was the main reason for the jump in the stock price since the beginning of the year of about 58%.

Belgrade Airport (AERO) fluctuated slightly around the RSD 1,900 level with a turnover of RSD 10.9m. The concessionaire of the company, VINCI, announced it served 3.8% more passengers in June, while in the first six months, turnover increased by 13.1 percent.

Shares in Dunav Osiguranje (DNOS) increased by an additional 1.6% to RSD 1,120 with a turnover of 7.3 million dinars. During the week, the shares of this largest domestic insurance company reached the level of 1,200 dinars, which is their highest value in the last year.

The Petroleum Industry of Serbia (NIIS) recorded tiny price fluctuations on modest turnover again. The total turnover of the stock amounted to RSD 3.3m, mostly at RSD 800 level. Gornji Milanovac-based Metalac (MTLC) offered a solid incentive to the index growth, jumping 4% to RSD 1,720 with light trading.

WEEKLY REPORT, July 22-26, 2024