Belex ends the week at almost 900 points, NIS reaches RSD 770

The Serbian stock market continued its slight growth, and the Petroleum Industry of Serbia (NIIS) reached a new multi-year high amid anticipation of the distribution of last year’s record profit. The total turnover on the market amounted to RSD 117.5m (around EUR 1m), and the index of the most liquid shares, Belex15, increased by 0.3% to 894.4 points.

Shares in NIS reached RSD 770 at the end of the week, with an increase of 1.3% and a turnover of RSD 33.1m. Since the beginning of November, when this company announced stellar 9m22 business results, the stock has recorded a continuous upward trend with a cumulative growth of over 24%. Despite this surge, the company’s current market cap is only RSD 125.4bn (EUR 1.07bn), and the stock trades at a PE ratio of 1.4x and an estimated dividend yield of over 18%.

The shares in Belgrade Airport (AERO) have been oscillating in the RSD 1,800-1,850 range, ending the week at the upper end of this zone. The total turnover amounted to RSD 9.6m.

Messer Tehnogas (TGAS) jumped 2.5% to RSD 13,469 with a turnover of RSD 5.5m, while Jedinstvo Sevojno (JESV) fell 5.3% to RSD 7,100 on low volume. Due to the stock’s illiquidity, a slump is a delayed consequence of the passing of the dividend day, December 31.

Nis-based Zitopek (ZTPK), run by Slovenian company Don Don, saw intensive trading activity again, with a jump of 25% and a turnover of RSD 16.8m. The transport company Lasta, for which the state has been unsuccessfully trying to find a strategic partner for years, (LSTA) slumped 23.4% to RSD 550.

WEEKLY REPORT, March 6-10, 2023