Belex starts the year on the right foot but with modest turnover

The first trading week in the 2023 Serbian stock market passed with modest investment activity and growth on small trading volumes. Total turnover reached RSD 868.2m (EUR 7.4m) thanks to government bonds, and the Belex15 index rose 2.2% to 842.9 points.

The most active stock was Dunav Osiguranje (DNOS), which slightly weakened to RSD 1,068 with a turnover of RSD 5.5m. Dunav ended last year with a 53.5% slump in value, following a free distribution of shares to employees and the announcement of poor financial H1 results.

The Petroleum Industry of Serbia (NIIS) rose 0.6% to 679 dinars with a tiny trading value of RSD 3.1m. Shares of the largest company on the Belgrade Stock Exchange rose 8.9% last year after the company posted record business results, primarily due to the rise in the crude oil price in the first nine months.

Shares in Belgrade Airport (AERO) reached a multi-year high of RSD 1,700 on Tuesday but closed the week at an almost unchanged level of RSD 1,600. The airport in Belgrade managed by concessionaire VINCI announced that it served 5.6 million passengers in 2022 with a strong recovery in business in Q4.

Priority shares of Philip Morris (DINNPB) jumped 3.3% to RSD 7,246 with a turnover of RSD 1.6m. These shares have been trading without the right to a dividend from last year’s profit since December 29. The company is widely expected to pay out a record dividend to shareholders in 2023.

WEEKLY REPORT, January 9-13, 2023