Belex posts the first decline in six weeks

The Serbian stock market broke the upward trend and recorded a decline of 0.7%, measured by the index of the most liquid shares, Belex15. The total turnover on the market was weak and amounted to RSD 47.2m (EUR 0.4m).

The most active stock was the Petroleum Industry of Serbia (NIIS) which recorded large price fluctuations after the company announced that it had donated EUR 60m to the largest minority shareholder, the Republic of Serbia. At the beginning of the week, NIS fell to the psychological limit of RSD 800, but recovered lately to RSD 849 after the company officially announced that it would redistribute 25% of the FY22 profit. As expected, the board of directors proposed to pay the shareholders a dividend of RSD 143.3 per share, which gives a yield of 16.9% at the current price. The weekly turnover of NIS was modest at RSD 8.5m.

Impol Seval (IMPL) fell 2% to RSD 6,500 with a turnover of RSD 6.5m. After the company announced a record dividend of RSD 871.6 per share a week earlier, there was no increased investor interest despite a very high dividend yield of more than 13%.

Shares in Dunav Osiguranje (DNOS) fell 3.4% to RSD 1,029 with a turnover of RSD 5.5m, while ALTA Banka (JMBN) jumped 3.6% to RSD 4,000 as the majority owner tries to consolidate ownership at RSD 3,759.

WEEKLY REPORT, May 22-26, 2023