Dunav hits two-year high, Belex up 5%

The domestic stock market accelerated its strong growth last week, reaching a new multi-year high with low turnover again. The index of the most liquid stocks, the Belex15, rose 5.3% to 1,143.2 points, surpassing a year-to-date return of 30%. Total weekly turnover was RSD 2.1bn (EUR 18.3m).

The most active stock was Dunav Osiguranje (DNOS), which rose 7.5% to RSD 1,312 on a turnover of RSD 11.6m. The stock reached a weekly high of RSD 1,330, the highest price in the last two years. Dunav reached a market capitalization of almost RSD 20bn, while it recorded consolidated gross premium of RSD 42bn in FY23.

The Petroleum Industry of Serbia (NIIS) recorded a turnover of almost RSD 6.0m, increasing 0.9% to RSD 835. For the first time in a long while, the stock saw pressure on the bid side, despite the company’s weaker business trend this year.

Gornji Milanovac-based Metalac (MTLC) rose 3.3% to RSD 1,840 on RSD 2.4m turnover. The stock gained 15.7% in 2024, following a negative trend for several years in a row.

Messer Tehnogas (TGAS) significantly contributed to the growth of the index, rising 18.1% to RSD 35,500. The stock recorded a turnover of RSD 1.3m, mainly at RSD 31,000 level.

WEEKLY REPORT, September 2-6, 2024