Belex stops downward trend on low turnover

The domestic stock market halted its four-week downward trend last week, but turnover remained extremely poor. Total turnover on the market was a modest RSD 57.1m (EUR 0.5m), while the Belex15 index rose by 0.3% to almost 993 points.

The most active stock on the market was the Petroleum Industry of Serbia (NIIS), which recorded a turnover of RSD 30.1m with a decline of 1.6% to RSD 845. NIS has scheduled its AGM for 27 June and, as already known, the company will pay out a quarter of its profit as a dividend. If the AGM approves the proposed decision, shareholders will receive a dividend of RSD 10.5bn, or RSD 64.26 per share, with an ex-dividend date of 14 June.

Impol Seval (IMPL) led the gainers, with a jump of 13.9% to RSD 7,400 on a turnover of RSD 3.0m. This company will also pay an exceptional dividend despite a significant drop in profit in 2023. According to the proposed decision, shareholders will receive RSD 870.5 per share, bearing a yield of 11.8% at the current price.

Dunav Osiguranje (DNOS) broke several weeks of downtrend, gaining 3.6% to RSD 958, but with a modest turnover of RSD 1.9m. Belgrade Airport (AERO) remained around RSD 1,900 with a turnover of RSD 1.6m, while the losers led by Jedinstvo Sevojno (JESV), which fell below RSD 7,000 for the first time in a long time. This company also announced a solid dividend proposal, as shareholders will receive RSD 647 per share this year, bearing a yield of almost 10% on the last price of RSD 6,601.

WEEKLY REPORT, May  20-24, 2024