Belex increases almost 10% in 2024 amid Dunav recovery

The domestic stock market recorded the largest increase of the year last week, following a strong recovery in the shares of Dunav Osiguranje (DNOS). The growth of the market’s most liquid share, Naftna industrije Srbije (NIIS), contributed to the increase, also. The Belex15 index rose by 3.3% to 960.6 points, yielding in 2024 so far almost 10%. Total turnover on the market amounted to a modest RSD 64.7m (EUR 0.6m).

For the first time since September, Dunav closed above the RSD 1,000 mark with a turnover of RSD 12.1m. Shares of the largest domestic insurance company jumped 13.2% to RSD 1,018, with strong demand, especially on Friday. This company has not published its FY23 results yet, while the management announced that it maintained its leading position last year, with an increase in insurance premiums of 14.3% to around RSD 40bn.

The most active stock was Messer Tehnogas (TGAS), which rose 1.7% to RSD 23,690 on a turnover of almost RSD 14m. Investors are still waiting for the announcement of a public takeover bid after Messer announced its intention on February 23.

As the pressure on the supply side eased, NIS recovered 4.1% to RSD 813 on a modest turnover of RSD 6.1m. Previously, the stock had been on a sharp downward trend, falling to around RSD 780 levels.

Belgrade Airport (AERO) remained stable at RSD 1,800 with a turnover of RSD 3.7m, while Impol Seval (IMPL) rose 5.4% to RSD 5,500 with a modest turnover of RSD 0.3m. The stock in this aluminum rolling mill had heavily traded at the end of February at the RSD 5,200 level.

WEEKLY REPORT, March 4-8, 2024