Belex15 below 1,000 points on low turnover

After a shortened holiday week, last week saw light trading volume with a continued slight downward trend. Total turnover on the market amounted to RSD 131.5m (EUR 1.1m), while the Belex15 index fell by 0.9% to 996.2 points.

Shares in Messer Tehnogas (TGAS) continued their downward trend after the completion of the takeover bid, falling by 3.6% to RSD 24,102 last week, with a modest turnover of RSD 3.6m. The company published FY23 consolidated financial statements, showing record results – net profit rose 55.3% to RSD 3.6bn, despite a sharp rise in electricity costs.

The Petroleum Industry of Serbia (NIIS) rose 1.3% this week to RSD 873 on a small turnover of RSD 2.7m. Investors are not too disappointed with the company’s modest profit in the first quarter as there was no pressure on the sales side.

Dunav Osiguranje (DNOS) continued to fall, dropping another 1.7% to RSD 963 last week on weak trading worth RSD 0.8m. The stock almost reached the RSD 1,100 level on the eve of the record date but slumped on a tiny volume after it went ex-dividend.

Along with Tehnogas and Dunav Osiguranje, Metalac (MTLC) joined the list of losers last week, losing 1.7% to RSD 1,750 on very modest trading. The management has called the AGM with a dividend proposal of RSD 90 per share again, giving a dividend yield of 5.1% at the last price.

WEEKLY REPORT, May  7-10, 2024