Dunav, Metalac drags down index, NIS announces start of earnings season

The domestic stock market fell last week but with the increasing investment activity. The index of the most liquid shares, Belex15, fell by 0.6% to 876.4 points but is still in positive territory since the beginning of the year. Total market turnover amounted to RSD 60.2m (EUR 0.5m) due to weaker bond trading.

The most active stock was Messer Tehnogas (TGAS), which rose 4.3% to RSD 16,287 with a turnover of RSD 35.2m. This stock was the absolute top performer in the index basket last year with a gain of 27%, and there is still strong demand in the market in anticipation of the announcement of the annual results.

Gornji Milanovac-based Metalac (MTLC) slipped 4.1% to RSD 1,524 on a turnover of RSD 9.7m. The stock was unusually volatile in December and January. After falling to RSD 1,450 in early December amid heavy trading, the stock quickly returned to the RSD 1,600 level. This range was almost repeated last week – from RSD 1,460 to RSD 1,598.

Dunav Osiguranje (DNOS) was the main contributor to the index’s decline, falling 6.6% to RSD 928 on a turnover of RSD 4.2m. In the previous week, the stock led the gainers with a jump to the RSD 1,000 level.

The Petroleum Industry of Serbia (NIIS) had a modest turnover of RSD 2.7m and closed the week flat at RSD 813. NIS has announced that it will present its FY results on January 30, kicking off the Q4 earnings season on the Belgrade Stock Exchange.

WEEKLY REPORT, January 15-19, 2024