Belex breaks upward trend, Dunav slumps

The domestic stock market saw a decline in the first week of April, following an upward trend since the beginning of February. The index of the most liquid stocks, Belek15, fell by 0.8% to 1,150.8 points, while the total turnover amounted to RSD 545.4m (EUR 4.7m).

The most actively traded stock on the market was Dunav Osiguranje (DNOS), which experienced a sharp correction of 8.4% to RSD 1,490, with a turnover of RSD 9.9m. On Monday, the company announced its annual results and profit distribution plan, which halted the stock’s upward trend, which had continued with minor interruptions since the beginning of the year. Dunav recorded a net profit of RSD 3.05bn in 2024, an increase of 57.7%, while the company’s management proposed a dividend of RSD 121.45 per share (yield at 8.2%).

Messer Tehnogas (TGAS) shares rose 1.5% to RSD 33,998 on a turnover of RSD 4.6m. The company will announce its annual results by the end of the month, but the activities by the majority owner to consolidate ownership will be much more significant for the stock’s future performance.

Belgrade Airport (AERO) reached its all-time high of RSD 2,100 on Friday with a weekly turnover of RSD 4.5m. The stock ended the week up 3.6% at RSD 2,071 with a market capitalization of RSD 72.5bn (about EUR 619m).

Besides Dunav, the list of losers included Impol Seval (IMPL), down 1.9% to RSD 7,600, while Jedinstvo Sevojno (JESV) fell 0.6% to RSD 7,800. The biggest gainer was Energoprojekt Holding (ENHL), which rose 3.7% to RSD 421.

WEEKLY REPORT, March 31 – April 4, 2025