Belex inch up on huge turnover, thanks to government bonds

The domestic stock market recorded a slight increase last week with a solid turnover of RSD 2.3bn (EUR 19.6m), mainly due to higher trading in government bonds. The index of the most liquid stocks, Belex15, rose by 0.2% to 962.7 points, following a big jump in the previous week.

The most active stock was Messer Tehnogas (TGAS), with a turnover of RSD 26.1m in a range of RSD 23,200-23,900. The shareholders are still waiting for the takeover bid from the majority owner, Messer. Judging by the movement of the stock on the market, it is clear that the shareholders would get an offer of RSD 24,000 per share. Messer will need to acquire 8% of the shares to qualify for the squeeze out of the remaining shareholders.

Jedinstvo Sevojno (JESV) recorded a solid turnover of RSD 12.6m, down 2.7% to RSD 7,300. The company relaunched its buyback program in February, resulting in a higher investment activity on the stock.

Dunav Osiguranje (DNOS) remained above the RSD 1,000 mark with a price decline of 0.8% and a turnover of RSD 5.2m. The Petroleum Industry of Serbia(NIIS) has recovered by a further 1.2% to RSD 823, with a turnover of RSD 2.1m. The main factor behind the growth of this most liquid stock on the market was the reduced supply, which paved the way for its highest level since June last year.

WEEKLY REPORT, March 11-15, 2024