Belex continues its rally, NIS reaches 710 RSD

The Serbian stock market has continued its upward trend that has been going on since mid-January. The total turnover amounted to RSD 100.2m (EUR 0.9m), while the index of the most liquid shares, Belex15, increased by 1.6% to 865.8 points.

The Petroleum Industry of Serbia (NIIS) was once again the most active stock among the constituents of the index basket, although its turnover amounted to a modest RSD 8.8m. NIS closed the week at RSD 710, which was also the weekly high of the stock. The stock is under pressure from a large offer, probably from domestic pension funds, which have been on the sell side since NIS started its upward trend at the beginning of November last year.

Shares in Dunav Osiguranje (DNOS) recorded strong demand at levels above RSD 1,100, ending the week at RSD 1,145 with a turnover of less than RSD 6m. Dunav recorded a gradual increase in value on all trading days, with a weekly high of RSD 1,180.

Shares in Alfa Plam (ALFA) are still being traded despite the squeeze-out procedure adopted by the EGM recently. Alfa fell by 10.6% to RSD 21,010, which is still higher than the squeeze-out price of RSD 20,892. The stock recorded a total turnover of RSD 3.5m.

Gornji Milanovac-based Metalac (MTLC) led the gainers with a jump of 3.5% to RSD 1,636, but on low turnover. Shares in Aerodrom “Nikola Tesla” (AERO) rose 3% to RSD 1,751. Belgrade-based lender ALTA Bank (JMBN) fell by 9.3% to RSD 3,900, which is still above the takeover bid price of RSD 3,754.

WEEKLY REPORT, January 30 – February 3 , 2023