Media speculation lifts Tehnogas above RSD 18,000

The domestic stock market continued its upward trend last week, with Messer Tehnogas (TGAS) dominating trading. Total turnover reached RSD 256.2m (EUR 2.2m), while the Belex15 index rose by 1.2% to 895.1 points.

Tehnogas was by far the most active stock, with a turnover of RSD 29.3m and a stock price increase of 6.1% to RSD 18,307. Since mid-January, the stock has seen increased trading activity and has gained around 17%. Some media are speculating that the majority owner, Messer, with a stake of almost 82%, has started the ownership consolidation of the company after more than 20 years of listing at the BSE.

Metalac (MTLC) has continued the series of solid investment activities with a turnover of RSD 15.1m and an unchanged stock price of RSD 1,550. Dunav Osiguranje (DNOS) weakened slightly to RSD 915 with a turnover of RSD 4.8m, while the Petroleum Industry of Serbia (NIIS) fell by 0.9% to RSD 804 with a turnover of RSD 4.5m.

Belgrade Airport (AERO) posted a solid increase of 4.1% to RSD 1,821 but with modest investment activity. Impol Seval (IMPL) led the losers with a decline of 7.2% to RSD 5,430.

The company posted record profit in 2022, which helped the stock reach an all-time high of RSD 6,700 in the spring of last year. In 2023, the company suffered a sharp drop in global demand, and even in these circumstances, it managed to make a profit of “several million euros” in 2023, as the company’s director recently stated.

WEEKLY REPORT, February 5-9, 2024