Belex increases for second week in row, NIS up 3%

The domestic stock market reached its highest level since the beginning of October after the growth of the Petroleum Industry of Serbia (NIIS) has continued on low turnover. Total turnover on the market reached RSD 497.3m (EUR 4.2m) thanks to the government bonds, while the Belex15 index rose by 0.8% to 879.1 points.

NIS was again the most active stock in the index basket but with a modest turnover of less than RSD 9m. The stock in this largest company on the BSE rose by a further 2.9% to RSD 813, its highest level since the end of May. The stock fell below RSD 690 at the beginning of August following the dividend cut-off and the announcement of poor Q2 numbers. After that period, the stock jumped almost 20% and hit its highest level in the last ten years, adjusted for the dividend.

Dunav Osiguranje (DNOS) continued the trend of several weeks of modest turnover around the RSD 980 level. Total turnover last week amounted to RSD 3.1m. Shares in Messer Tehnogas (TGAS), the best-performing stock this year, rose slightly to RSD 15,525 with a turnover of RSD 1.5m.

Metalac (MTLC) weakened slightly to RSD 1,580 in light trading. The company announced Friday that it launched a takeover bid for its subsidiary Metalac Proleter. Metalac owns a 64.6% stake in this retailer and intends to buy the remaining 35.4% of the shares at RSD 5,109 per share, giving the company a market capitalization of RSD 657.2m (about EUR 5.6m).

WEEKLY REPORT, November 20-24, 2023