Belex’s first decline since mid-January, NIS in investors’ focus

The holiday week brought the absolute dominance of the Petroleum Industry of Serbia (NIIS) and the first weekly market decline since mid-January. The total turnover amounted to RSD 161.0m (EUR 1.4m), while the index of the most liquid shares, Belex15, weakened by 0.3% to 875.9 points.

The most active stock was the Petroleum Industry of Serbia, with a turnover of RSD 42.9m and a price increase of 1.5% to RSD 731. The bulk of this trade was recorded on Friday when the stock hit an RSD 760 level, but on a small turnover. On Tuesday, NIS will present its business results for the past year. It is expected the company will show a record profit in its history which should exceed EUR 700m. The market cap of the company exceeded EUR 1bn after the continuous upward trend during the past weeks.

The shares of Belgrade Airport (AERO) closed the week flattish at RSD 1,800, although it has traded at RSD 1,750 mostly. Belgrade Airport, managed by VINCI through a concession, announced that it served a record number of passengers during January, which increased by 28% compared to the same month of 2019.

Preferred stock in Philip Morris (DINNPB) surprisingly weakened by 6.9% to RSD 6,612 with a small turnover of RSD 1.6m. This level has not been seen since August last year before the company announced stellar H1 results.

Shares in insurer Dunav Osiguranje (DNOS) dropped 3.3% to RSD 1,160 on low volume. A week earlier, the stock reached RSD 1,200 briefly, but increased pressure on the ask side pushed it down below that level again. Despite this drop, Dunav’s shares have registered a solid gain of around 9% since the beginning of the year.

WEEKLY REPORT, February 13-17, 2023