Belex highest since March on poor turnover

Last week, the domestic stock market rose by 1.2% to 1,158.0 points, as measured by the Belex15 index, its highest level in eight weeks. Total turnover on the market amounted to a modest RSD 31.5m (EUR 0.3m).

Messer Tehnogas (TGAS) was the most active stock, jumping 2.1% to RSD 34,727 with a turnover of RSD 4.6m. The company’s management unexpectedly increased the dividend payout ratio to 30%, fueling demand for the stock. If the AGM approves the proposal, shareholders will receive a gross dividend of RSD 1,115 per share.

Shares in Dunav Osiguranje (DNOS) rose slightly to RSD 1,391, with a turnover of RSD 3.3m. The trend of pressure on the bid side around RSD 1,400 levels continued.

Belgrade Airport (AERO) also increased slightly, reaching RSD 2,190 with a turnover of RSD 3.1m. Meanwhile, Jedinstvo Sevojno (JESV) jumped by 6.7% to RSD 7,999, with a turnover of RSD 2.5m. Despite the lower FY24 profit, the company’s management proposed to pay out the same dividend as last year.

Shares in constructor Energoprojekt Holding (ENHL) increased by 5.5% to RSD 445, with a turnover of RSD 2.4m. The company will hold the AGM on June 16, and the FY24 profit will not be distributed through dividends, as expected.

WEEKLY REPORT, May 19-23, 2025