Belex increases in last week of March

Stocks on the Belgrade Stock Exchange ended Q1 more than successfully. Over the last five trading days, the Belex15 index rose by 2.2%, yielding around 13% since the beginning of the year. The total weekly turnover on the market amounted to RSD 755.2m (EUR 6.4m).

The most active stock in the index was Messer Tehnogas (TGAS), with a turnover of RSD 12.2m and an increase of 3.5% to RSD 24,850. The stock price got closer to the takeover bid price announced by the company’s majority owner, Messer, which offered RSD 25,000 per share in the offer closing on April 15.

Dunav Osiguranje (DNOS) recovered 5.8% to RSD 1,048 with a turnover of RSD 11.5m. The recovery of the stock, which until recently traded around RSD 900, came following the announcement of annual numbers that were not as bad as the market had feared. The company reached a net income of RSD 1.9bn in 2023 while proposing a dividend of RSD 51.6 per share, giving a yield of almost 5%.

The Petroleum Industry of Serbia (NIIS) also had a good trading week, rising 3% to RSD 860 on turnover of RSD 4.2m. Among the winners was Impol Seval (IMPL), which rose 2.6% to RSD 5,850, although on low turnover.

WEEKLY REPORT, March 25-29, 2024