Belex drops for the second week in row, Dunav down 6%

The previous trading week saw a continuation of the decline of the Serbian stock market, again with modest investment activity. The index of the most liquid shares, Belex15, weakened over 1% to 904.8 points, while the total turnover on the market amounted to RSD 125m (EUR 1.1m).

Two weeks before the record date, the Petroleum Industry of Serbia (NIIS) recorded modest trading activity, slightly oscillating around RSD 850. Shares of the largest domestic company recorded a turnover of RSD 9.9m, significantly below this year’s average. As previously known, the company’s board of directors proposed a gross dividend of RSD 143.3 per share, which gives a dividend yield of 16.9%. The company fixed June 19 as the record date for the dividend.

Shares in Dunav Osiguranje (DNOS) fell 6% to RSD 967 with a turnover of RSD 5.3m. The shares of the largest domestic insurance company fell below the psychological limit of RSD 1,000 for the first time since 2018. The stock did not fall below this level even when free shares distribution to workers led to a drastic price drop in 2022.

Messer Tehnogas (TGAS) recorded a turnover of RSD 5.3m, mostly at levels that oscillated slightly around RSD 14,000. Since Thursday, the stock has been traded without the right to a dividend from last year’s profit. As is known, the company’s management has proposed a dividend payment of RSD 450 per share compared to RSD 585 in 2022.

Nis-based Žitopek (ZTPK) led the gainers with a jump of 16.9% to RSD 1,987, and a turnover of RSD 3.9m. The company, which operates under the control of the Don Don company, has more than doubled its value since the beginning of the year, while it reached its high level in March at RSD 2,505.

WEEKLY REPORT, May 29 – June 2, 2023