Belex slightly up on low volume, Impol Seval tops RSD 6,000

The shortened trading week brought modest turnover on the Belgrade Stock Exchange and continued market growth that has been ongoing since mid-April. The index of the most liquid shares, Belex15, increased by 0.2% to 905.8 points, while the total turnover amounted to RSD 23.3m (EUR 0.2m).

The most active stock was the Petroleum Industry of Serbia (NIIS), which jumped 1.9% to RSD 811 with a turnover of RSD 5.6m. Before the announcement of Q1 results, NIS already reached the psychological limit of RSD 800, and last week the pressure on the bid side has continued. The company should schedule the AGM with a proposal on profit distribution till the end of May.

Shares in Dunav Osiguranje (DNOS) weakened 0.5% to RSD 1,062 with a turnover of RSD 3.4m, while Belgrade Airport (AERO) remained unchanged at RSD 1,920 with a turnover of RSD 1.3m. The company announced its first annual profit in 2022 since the beginning of the concession, and it also recorded a slight net income in the first quarter of the current year.

Shares of Messer Tehnogas (TGAS) were traded mostly around RSD 14,000 with a turnover of RSD 1.1m, while Impol Seval (IMPL) reached an RSD 6,100 level with a turnover of RSD 0.6m. This aluminum rolling mill officially published its annual financial reports, which showed a record profit in the company’s history of RSD 2.8bn. Impol shares have increased 26.5% in 2023, but despite this strong trend, they currently trade on a PE ratio of 2.1x.

WEEKLY REPORT, May 3-5, 2023