Belex continues downward trend, NIS surge on Q3 results

Slightly higher investment activity and the continued decline of the domestic stock market marked the previous week. The index of the most liquid shares, Belex15, weakened for the fourth week in a row, this time by 2.3% to 779.9 points. The total turnover amounted to RSD 53.3m (EUR 0.5m).

Insurer Dunav Osiguranje (DNOS) was the most active stock again, extending its downward trend. The most liquid share of the domestic market fell by an additional 9.3% to RSD 1,029 with a turnover of RSD 16.4m. Following the announcement of lower-than-expected H1 results in end-August, the stock lost 23.5% of its value.

The Petroleum Industry of Serbia (NIIS) closed the week up 5.5% after announcing record business results for the first nine months on Friday. In the period January-September, the company posted a record net income of RSD 69.4bn, thanks to the high crude oil price, growth in demand, and higher participation of cheaper Russian oil in refining.

Messer Tehnogas (TGAS) fell 3.8% to RSD 12,600 with a turnover of RSD 4.5m. The stock lost a fifth of its value in the last 52w due to a general decline in the market and the lower profitability of the company in H1 2022.

Shares in Metalac (MTLC) fell 10% to a new multi-year low of RSD 1,450 with a turnover of RSD 1.9m. Sevojno-based Jedinstvo (JESV) closed the week unchanged at RSD 7,600 with a turnover of RSD 2.1m. Lender ALTA bank (JMBN), in anticipation of the takeover bid, recorded a solid turnover of RSD 2.4m at an unchanged level of RSD 3,700.

WEEKLY REPORT, October 31 – November, 2022