Belex decreases again, Tehnogas remains on the BSE

The domestic stock market weakened for the second consecutive week, and investors focused on the end of the takeover bid for Messer Tehnogas (TGAS), with the tiny response from shareholders as expected. The Belex15 index fell by 0.3% last week to 1,132.3 points, while total turnover on the market amounted to RSD 1.2bn (EUR 9.9m).

In last week’s takeover bid, Messer purchased only 0.3% of Tehnogas shares at RSD 31,250, remaining far away from the 90% threshold that would allow the squeeze-out procedure. Tehnogas shares on the stock exchange closed the week at RSD 33,100 with a turnover of RSD 3.0m.

Impol Seval (IMPL) was the most active stock, which gained 1.9% to RSD 7,950 with a turnover of RSD 10.9m, mainly at RSD 7,700. This company unexpectedly posted a loss in the first six months, while the management recently said that despite the recovery in production compared to 2022 and 2023, this year will be one of the worst financially for the company.

Shares in Dunav Osiguranje (DNOS) fell for the second week, this time by 1.8% to RSD 1,277 on a turnover of RSD 6.8m. Belgrade Airport (AERO) decreased slightly below the RSD 2,000 mark with a turnover of RSD 6.5m. The company announced last week that it posted a 9m24 net income of RSD 19.4m, compared to RSD 34.1m a year earlier.

The Petroleum Industry of Serbia (NIIS) announced another disappointing quarter. Net income for the July-September period fell 85% to RSD 2.7bn due to higher financial and tax expenses, while 9m24 profit fell 75% to RSD 8.0bn. The stock fell 1.2% to RSD 810 on turnover of RSD 5.8m.

WEEKLY REPORT, October 28 – November 1, 2024