NIS continues its upward trend, Belex up again

The domestic stock market continued its upward trend for the fourth week, primarily thanks to the Petroleum Industry of Serbia (NIIS). The index of the most liquid shares, Belex15, increased by an additional 0.8% to 913 points, while it has increased more than 10% since the start of the year. The total turnover on the market amounted to RSD 1bn (EUR 8.5m).

NIS was the most active stock with a turnover of RSD 47.6m. The stock has recorded continuous growth, reaching RSD 840 at the end of the week. The last time NIS stock was at these levels was at the end of 2014. The AGM should be scheduled by the end of May, with a proposal for the profit distribution.

Shares in Dunav Osiguranje (DNOS) also contributed to the growth of the index after adding 0.8% to RSD 1,070. The stock recorded a turnover of RSD 5.2m.

Belgrade Airport (AERO) rose 1.4% to RSD 1,947 with a modest turnover of RSD 1.4m, while Impol Seval (IMPL) jumped 1.6% to RSD 6,200 in anticipation of the proposal for the distribution of last year’s profits.

Gornji Milanovac-based Metalac (MTLC) weakened 2% to RSD 1,636 after the stock went ex-dividend. As is known, the company’s management proposed a record dividend of RSD 90 per share.

On the other hand, Messer Tehnogas (TGAS) dropped to RSD 13,850 after the management scheduled the AGM and proposed to redistribute less than a quarter of last year’s profit. Shareholders will receive a gross dividend of RSD 450 per share this year (yield at 3.2%), compared to RSD 585 in 2022.

WEEKLY REPORT, May 8-12, 2023