H1 business results lift Belex, Impol Seval surges 24%

For the fifth week in a row, the domestic stock market stayed persistent with a slow upward trend, but with very tiny trading activity. The index of the most liquid shares, Belex15, jumped by 0.5% to 852.6, while turnover was RSD 57.4m (EUR 0.49m).

The most traded stock was Dunav Osiguranje (DNOS), which recorded a turnover of RSD 10.9m with a minor price increase to RSD 1,344. The company released poor six-month operating results in mid-August, which has so far not led to more pressure on the ask side.

Technical gas producer Messer Technogas (TGAS) recorded a turnover of RSD 7.4m, mainly at an RSD 15,000 level. The company announced a business expansion for the first six months, but also a decline in profitability due to rising electricity prices and materials that together increased operating expenditures by almost RSD 1b. The Petroleum Industry of Serbia (NIIS) posted a turnover of RSD 5.6m in the narrow price range of RSD 621-630. The price of Brent crude oil has fallen nearly 6% to $93.5 a barrel in the past week.

The gainers were led by Impol Seval (IMPL), whose price surged 24% to RSD 6,200 with a turnover of RSD 1.5m. The company posted a record profit in the first six months of RSD 2.49bn, predominantly as the favorable opportunities in the market continued. A 7.1% jump to 7,500 dinars was recorded by preferred shares of Philip Morris (DINNPB) after the company announced stellar financial results for the first six months. The company’s half-year profit spiked 72.9% to RSD 3.26bn.

WEEKLY REPORT, August 29-September 2, 2022