Belex in the red again, Tehnogas most traded stock

The domestic stock market continued its downward trend for the sixth week, with very weak investment activity. Total turnover on the market amounted to RSD 181m (EUR 1.5m), while the Belex15 index fell by 1.3% to 1,113.2 points.

The most active stock in the index basket was Messer Tehnogas (TGAS), which recorded a turnover of RSD 13.8m, decreasing 7.4% to RSD 31,501. Most of the turnover was executed at the RSD 34,000 level. Tehnogas shares have been trading in the RSD 34,000-35,000 range for months after Messer made an unsuccessful takeover bid at RSD 31,250 per share at the end of October.

Dunav Osiguranje (DNOS) weakened slightly to RSD 1,371 on a turnover of RSD 4.5m. Last week, the shares of the largest domestic insurance company reached a 52w high of RSD 1,392, supported by an increasingly weak stock supply.

Impol Seval (IMPL) led the gainers with a jump of 2.3% to RSD 7,400 on modest turnover. The company suffered an unexpected loss in H1, and the annual result would probably be the worst in recent years.

Shares in Energoprojekt Holding (ENHL) also rose 2.3% to RSD 401 on light trading. The company’s majority owner recently made an unsuccessful takeover bid at RSD 375 per share.

WEEKLY REPORT, February 3-7, 2025