Belex in the red, Energoprojekt facing delisting

The downward trend in the domestic stock market, which started at the beginning of June, has continued during the last week. The Belex15 index declined 0.3% to 1,209.6 points, while it has dropped around 5% in 2026 so far. Total turnover on the market last week amounted to 216.0 million dinars (1.8 million euros), largely due to trading in government bonds.

The week was marked by the conclusion of the takeover bid for Energoprojekt Holding (ENHL). The majority owner of the company, Napred Razvoj, successfully acquired the state’s shares, surpassing the 90 percent ownership threshold. The state sold a 34.6 percent stake in Energoprojekt at 452.3 dinars per share. This will be the price for the squized out procedure, which will very likely follow. Shares in Energoprojekt closed the week at 460 dinars, representing a decline of almost 12 percent over the previous seven days.

The most active stock on the market was Dunav Osiguranje (DNOS), which recorded a turnover of 3.0 million dinars with a slight price drop to 1,873 dinars. Shares in the largest domestic insurance company have been trading below 1,900 dinars for the past few weeks, with significantly lower average turnover compared to the first part of the year.

Metalac (MTLC) closed the week unchanged at 2,050 dinars, with a turnover of 2.9 million dinars. Meanwhile, the priority shares of Philip Morris (DINNPB) experienced selling pressure. Last week, the stock price decreased slightly to 9,173 dinars, with a turnover of 1.0 million dinars.

WEEKLY REPORT, June 29 – July 3, 2026