Belex continues upward trend for the fifth week

The Serbian stock market continued its upward trend that has been ongoing since mid-April. The index of the most liquid shares, Belex15, increased by 0.8% to 920.5 points, while the total turnover on the market amounted to RSD 295.9m (EUR 2.5m).

The most active stock was the Petroleum Industry of Serbia (NIIS), which jumped 0.8% to RSD 847 with a turnover of RSD 22.4m. During the week, NIS reached RSD 855, while investors pulled out on Thursday after the company decided to pay EUR 60m as a donation to the largest minority shareholder, the Republic of Serbia. Such a decision almost completely suppressed investors’ expectations regarding a higher dividend than the traditional 25% payout ratio.

Shares in Dunav Osiguranje (DNOS) recorded a solid turnover of RSD 11.0m, declining 0.5% to RSD 1,065. The stock has been trading in a relatively narrow price range of RSD 1,065-1,080.

Gornji Milanovac-based Metalac (MTLC) dropped 2.1% to RSD 1,601 with a turnover of less than RSD 1m. The company announced it continued to acquire its own shares last week at around RSD 1,700.

Shares in Messer Tehnogas (TGAS) recovered 1.1% to RSD 14,002 with a turnover of RSD 0.9m, while Impol Seval (IMPL) jumped 7% to RSD 6,633 after the company proposed paying a record dividend of RSD 871.6 per share.

The shareholders of Belgrade Airport (AERO) also had a good week behind them, given the stock reached a historical high of RSD 2,000. The market cap of the company, which controls the concession process, hit RSD 70bn (about EUR 596m), largely thanks to the stock illiquidity and the trading activities of the largest minority shareholders.

WEEKLY REPORT, May 15-19, 2023