Belex decreases 1% on very poor volume

After the crisis of confidence in the banking system shook the world’s capital markets a few weeks ago, the investment activity on the Belgrade Stock Exchange still has not recovered. True, last week’s turnover amounted to a solid RSD 394.5m (EUR 3.4m), but the turnover of shares in regular trading was the weakest in the current year. The index of the most liquid shares, Belex15, weakened by 0.9% to 883.4 points.

The most active stock on the market was Dunav Osiguranje (DNOS), which continued the downward trend in market response to dividend cut announcements two weeks ago. The largest domestic insurer recorded a turnover of just RSD 1.9m, its weakest weekly trading value in almost a year. The stock weakened an additional 4.3% to RSD 1,081, its lowest level since November last year.

The shares in the Petroleum Industry of Serbia (NIIS) are not performing any better, although the crude oil price recovered significantly after the new intervention in the market by the OPEC+ cartel. The stock fell by almost 2% to RSD 745 with a turnover that did not even reach RSD 1m. By the end of the month, the company should announce its Q1 business results, which could shake up the sluggish investment activity of the past few weeks.

Gornji Milanovac-based Metalac (MTLC) jumped 1.9% to RSD 1,650 with a modest turnover of RSD 0.8m. Management of the company scheduled the AGM with the proposal that the shareholders should receive a dividend of RSD 90 per share compared to last year’s RSD 85. The stock bears a dividend yield at the moment of 5.5%.

Belgrade Airport (AERO) closed the week unchanged at RSD 1,896 with modest trading, while pressure on the bid side continued on Messer Tehnogas (TGAS), reaching RSD 13,910.

WEEKLY REPORT, April 3-7, 2023