Metalac most traded stock, government bonds lift turnover

Last week saw the highest turnover of the year on the Belgrade Stock Exchange, mainly thanks to government bonds, although several stocks recorded solid levels of investment activity. The total turnover amounted to RSD 1.9bn (EUR 16.6m), while the Belex15 index fell by 0.2% to 874.7 points.

Gornji Milanovac-based Metalac (MTLC) was the most active stock with a turnover of RSD 39.5m, mostly executed at RSD 1,510. The stock has seen increased investment activity since early December when investment fund Global Macro Capital closed its entire position at RSD 1,450. Metalac closed the week at RSD 1,526.

Messer Tehnogas (TGAS) continued the trend of solid turnover, closing the week up 1.3% at RSD 16,500. Total turnover amounted to RSD 26.6m. The stock is trading at a PE ratio of 6.4x and 61% of its book value.

The Petroleum Industry of Serbia (NIIS), which will announce last year’s results on Tuesday, continued a series of modest turnovers with little change in the stock price. NIS ended the week at RSD 814 on a turnover of RSD 2.4m.

Dunav Osiguranje (DNOS) had a low turnover of RSD 2.3m with little interest from investors, causing the stock to fall by 1.3% to RSD 916. Dunav’s market capitalization fell to around EZR 119m, approximately one-third of the company’s annual gross premium.

WEEKLY REPORT, January 22-26, 2024