Messer’s intention to take over Tehnogas lifts market

The domestic stock market reached a new record high last week following the unexpected announcement of a new attempt to consolidate the ownership of Tehnogas (TGAS), which boosted the entire stock market. Total turnover amounted to RSD 272.4m (EUR 2.3m), while the index of the most liquid shares, Belex15, rose by 2.7% to 1,061.2 points.

The most active stock was Dunav Osiguranje (DNOS), which rose slightly to RSD 1,151 on a turnover of RSD 6.6m. The stock has been trading in a range of RSD 1,100-1,150 in recent weeks, and investors expected that the announcement of the H1 numbers could bring more activity to trading in this stock.

Shares in the Petroleum Industry of Serbia (NIIS) rose by 0.9% to RSD 815 on a turnover of less than RSD 6.0m. The continued stock recovery was not based on any good news related to the company, rather than as a consequence of Messer’s action and the linear growth of the stock market.

Messer, the majority owner of this producer of technical gases, reiterated its intention to consolidate its ownership after an unsuccessful public offer for RSD 25,000 per share in April. Last week, Tehnogas jumped 10.8% to RSD 28,250, so it remains to see what price Messer, which is keen to fully consolidate its ownership of this company as soon as possible, will offer.

Gornji Milanovac-based Metalac (MTLC) jumped 4.8% at RSD 1,800 this week, while Impol Seval (IMPL) was up 2.7% at RSD 7,702, also on light trading.

WEEKLY REPORT, August 19-23, 2024