Belex near multi-year high on Dunav, Tehnogas increase

The domestic stock market rose last week by 1.1% to 1,126.7 points, as measured by the Belex15 index, following the announcement of the long-awaited takeover bid for Tehnogas (TGAS). Total turnover in the market reached RSD 2.9bn (EUR 24.8m) thanks to government bonds.

The most active stock in the index basket was Dunav Osiguranje (DNOS) again, which recorded a turnover of RSD 16.7m, increasing 1.7% to RSD 1,326. After the company recently announced stellar H1 numbers, the stock is increasingly difficult to buy at around RSD 1,300 levels, where it has stabilized for the past three weeks.

In addition to Dunav, Messer Tehnogas was a significant contributor to the growth of the index, jumping 6.0% to RSD 33,000 on Friday after the announcement of the public offer at RSD 31,250 per share. This increase occurred on a tiny turnover, and it is uncertain if Messer will jump over the threshold of 90% of the shares this time, which is a condition for the squeezing-out procedure.

Belgrade Airport (AERO) remained at RSD 1,900 on a turnover of RSD 7.6m, while the Petroleum Industry of Serbia (NIIS) fell by 0.5% to RSD 817 on a turnover of RSD 6.2m.

Jedinstvo from Sevojno (JESV) led the losers with a decrease of 4.2% to RSD 7,900, although the company posted a slight increase in H1 profits. Impol Seval (IMPL) disappointed investors by announcing an H1 loss, and its shares fell 2.4% to RSD 8,100 on a turnover of RSD 3.3.

WEEKLY REPORT, Septmber 23-27, 2024