Belex decreases for first time in last eight weeks

The domestic stock market saw a weekly decline for the first time since the end of February. The index of the most liquid stocks, Belex15, fell by 0.9% to 1,006.3 points, while the total market turnover remained modest at RSD 227.1m (EUR 1.9m).

The most traded stock on the market was the Petroleum Industry of Serbia (NIIS), which gained 1.1% to RSD 864 on a turnover of RSD 10.8m. The company announced Q1 numbers after the close of trading on Friday. As expected, the results were much worse due to the overhaul of the Pancevo refinery. Net profit for the quarter fell by 85% to RSD 1.8bn, mainly due to a 33% reduction in refining at the Pancevo refinery, while sales volume fell by 18%.

Shares in Messer Tehnogas (TGAS) have returned to the takeover bid price of RSD 25,000. Total turnover amounted to RSD 5.5m. As already known, Messer purchased 3.5% of the shares in the public offer and lifted its stake to 85.6%.

Belgrade Airport (AERO) was also among the losers, falling 2.1% to RSD 1,905 on light trading. Shares in Dunav Osiguranje (DNOS) fell an additional 1% to RSD 972 on turnover of less than RSD 1m. This company reported that the AGM approved the dividend proposal of RSD 51.64 per share.

Impol Seval (IMPL) led the gainers with a jump of 13.8% to RSD 6,500 on a turnover of RSD 1.5m. The company recently published its FY23 results and, as expected, showed a sharp drop in the bottom line – net profit plummeted from RSD 2.8bn in 2022 to RSD 333.7m in 2023.

WEEKLY REPORT, April 22-26, 2024