The first regular trading week of the new year saw a decline in the market, accompanied by continued modest turnover. Total trading turnover amounted to RSD 125.9m (EUR 1.1m), while the Belex15 index weakened by 1.7% to 1,253.1 points.
The most active stock was Belgrade Airport (AERO), which saw a 3.7% decline to RSD 2,264, with a turnover of RSD 3.4m. The company is concurrently conducting a new share issue at RSD 1,278.4 per share, open until February 13 of this year.
Messer Tehnogas (TGAS) saw a 0.8% decrease, closing at RSD 37,001 with a turnover of RSD 1.2m. The stock has exhibited slight fluctuations, stabilising around the RSD 37,000 mark over the past three months. This is in anticipation of a strategic move by the majority owner, who has previously attempted to consolidate ownership without success on two separate occasions.
Impol Seval (IMPL) maintained a steady position around RSD 7,700, with a turnover of RSD 0.6m. Meanwhile, Dunav Osiguranje (DNOS) experienced a 1.3% decline to RSD 1.777, with a relatively stable trading volume of RSD 0.6m.
Metalac (MTLC) led the losers, with a decline of 5.2% to RSD 2,135, despite a small turnover. The dividend cut also hurt Philip Morris preferred shares (DINNPB), which fell 4.5% to RSD 9,200.

WEEKLY REPORT, January 12-16, 2026

Belex15
Close 1,253.07
Weekly change (abs) -21.35
Weekly change (%) -1.68%
Weekly high 1,274.42
Weekly low 1,252.18
Traded value (RSD) 5,833,527
Most active
Shares Closing price Change Trading value (RSD)
AERO 2,264 -3.66% 3,358,880
TGAS 37,001 -0.80% 1,225,023
IMPL 7,712 +0.14% 640,100
DNOS 1,777 -1.28% 566,674
BASB 1,515 -0.07% 299,982
Gainers
Shares Closing price Change Trading value (RSD)
NPSC 1,400 +16.67% 75,600
IMPL 7,712 +0.14% 640,100
Decliners
Shares Closing price Change Trading value (RSD)
MTLC 2.135 -5.15% 42,850
DINNPB 9.200 -4.50% 275,994
AERO 2.264 -3.66% 3,358,880
TRBG 3.400 -2.86% 272,000
GFOM 1.750 -2.78% 94,500