Belex inches up on tiny turnover again

The market’s slow growth trend with low turnover continued last week. Total market turnover reached RSD 270.0m (EUR 2.3m), mainly thanks to government bonds, while the Belex15 index rose 0.7% to 1,143.4 points.

The most active stock on the market was Dunav Osiguranje (DNOS), which rose 2.6% to RSD 1,490 on a modest turnover of RSD 1.5m. Since the beginning of the year, the stock has increased by 8.4% after gaining about 46% in 2024.

Messer Tehnogas (TGAS) remained at the RSD 34,000 level with a turnover of RSD 1.2m. The current price level is around 10% above the price of the last Messer takeover bid, which failed to attract the significant attention of shareholders.

The majority owner of Energoprojekt Holding (ENHL) also had a failed takeover bid, with its stock rising 1.3% last week to RSD 406 on a turnover of RSD 0.6m. Shares of what was once the country’s largest construction company are trading at a significant discount to the acquisition price from 2017, but the company’s business has substantially weakened since then.

Gornjomilovački Metalac (MTLC) recovered 2.4% to RSD 1,950 with a turnover of RSD 0.4m, while Belgrade Airport (AERO) weakened slightly to RSD 1,987, continuing the trend of low turnover.

WEEKLY REPORT, March 3-7, 2025