Belex index recovers to 1-month high, Metalac jumps 28%

The domestic stock market recorded strong growth in the previous week, jumping to the levels last seen in the middle of October. The index of the most liquid shares, Belex15, strengthened by 3.5% to 806.9 points, while the total turnover on the market amounted to RSD 339.6m (EUR 2.9m).

The most active stock was Gornji Milanovac-based Metalac (MTLC), which jumped 28.3% to RSD 1,597 with a turnover of RSD 7.6m. This surge in the share price came as a result of a new buyback program the company announced following a sharp downtrend of the stock. A week earlier, Metalac fell to a multi-year low of RSD 1,220 primarily due to selling pressure from the Croatian investment fund ZB Invest. The company itself bought only 483 shares last week.

Shares in Dunav Osiguranje (DNOS) continued their recovery, ending the week at RSD 1,104 with an increase of 2.6%. The total turnover in the stock amounted to RSD 6.3m. Management of the company announced that costs of liquidated damages slowed slightly in Q3. In the period January-September, the costs amounted to RSD 12bn, up 29%, which is lower than the increase of 34.5% in the first six months.

Shares in Belgrade Airport (AERO) jumped by 2.1% to RSD 1,496 with a turnover of RSD 3.1m. Technical gases producer Messer Tehnogas (TGAS) rose almost 2% to RSD 12,300 on low volume. The stock has also suffered recently due to selling pressure by the ZB Invest investment fund.

Shares of the Petroleum Industry of Serbia (NIIS) recorded a modest turnover of RSD 2.9m with a slight price increase of RSD 655. The stock jumped more than 8% during November after the company posted a stellar profit for the first nine months. Probably, the growth would have been even higher if domestic pension funds had not been the largest sellers in the market.

WEEKLY REPORT, November, 14- 18, 2022