Belex brokes four-week upward trend on heavy turnover

After a prolonged period, the domestic stock market experienced a significant increase in turnover due to several large transactions, while the Belex15 index decreased by 0.5% to 930.4 points. The total turnover amounted to RSD 380.3m (EUR 3.2m).

The most active stock on the market was the transportation company Lasta (LSTA), which achieved a turnover of RSD 145.3m in a single transaction at RSD 560. The City of Belgrade sold its 11.5% ownership stake and exited the company. However, the state still maintains the controlling stake.

Jedinstvo Sevojno (JESV) was the most traded stock in the index basket, with a turnover of almost RSD 120m, mainly at RSD 7,500. The company intensified its buyback program last week and has purchased an additional 6.6% of shares.

Belgrade Airport (AERO) stabilized at RSD 1,800 but with a decrease of 1.4%. The total stock turnover was around RSD 22m. After experiencing significant growth for weeks, Messer Tehnogas (TGAS) decreased by 5.5% to RSD 23,300 with a turnover of RSD 12.5m. Based on current market trends, it is unlikely that the majority owner will offer a higher price than RSD 24,000 in the expected takeover bid.

The Petroleum Industry of Serbia (NIIS) continued its downward trend but stabilized around RSD 780, with a trading value of RSD 10.8m. The company reported that a periodic overhaul of the Pancevo refinery began on the last day of February, noting the market would be well stocked with all types of oil derivatives during the period.

WEEKLY REPORT, February 26 – March 1, 2024