NIS disappoints investors with Q2 numbers, Belex slightly up

The previous trading week was marked by the beginning of the earnings season, traditionally opened by the Petroleum Industry of Serbia (NIIS). The total turnover on the market amounted to RSD 1.3bn (EUR 11.4m), while the Belex15 index strengthened by 0.3% to 876.8 points.

NIS posted disappointing Q2 results, although it was already known they would be worse than last year when the company enjoyed the favorable environment of high crude oil prices and unusually high demand due to the stockpiling effect. However, the drop in profitability exceeded market expectations – Q2 profit reached RSD 2bn compared to about RSD 28bn last year. The announcement of the results brought a lot of pressure on the stock, so NIS ended the week below the psychological limit of RSD 700 for the first time since January. The total stock turnover amounted to RSD 10.2m.

Shares in Dunav Osiguranje (DNOS) continued the trend of slight recovery and closed the week with a gain of 1.4% at RSD 1,011. The total turnover of the stock was RSD 3.1m. After a long time, Gornji Milanovac-based Metalac (MTLC) was among the most traded shares, reaching a turnover of RSD 2.2m and a slight price increase.

Preferred shares in Philip Morris (DINNPB) jumped 3.3% to RSD 7,229 with light volume. The company paid its shareholders Thursday a dividend from last year’s profit of RSD 588.3 per share, which is a record dividend for the owners of this class of shares.

Sevojno-based Jedinstvo (JESV) led the gainers, with a jump of almost 10% to RSD 7,149 with poor volume. The company has announced that it will deliver quarterly business results on Monday, July 31.