NIS jumps 3% despite sharp decline in crude oil price

The first week of October saw a slight growth in the domestic stock market thanks to the Petroleum Industry of Serbia (NIIS), while the total turnover increased due to higher trading in government bonds. The index of the most liquid shares, Belex15, strengthened 0.5% to 891.2 points, while the total turnover reached RSD 1.5bn (EUR 12.7m).

Stocks from the index basket recorded modest trading, with Dunav Osiguranje (DNOS) as the most active stock with a turnover of RSD 3.1m. Dunav weakened by 0.6% to RSD 966 with poor demand, which retreated well below an RSD 1,000 level.

NIS contributed to most gains of the index, jumping 2.7% to RSD 756 with modest trading of RSD 1.8m. This growth came primarily due to the scarce offer, so NIS briefly reached a multi-month high at RSD 788. On the other hand, the crude oil price plummeted more than 11% last week, leading to a sharp correction in the stock price of global oil companies.

Belgrade Airport (AERO) closed the week unchanged at RSD 1,910 with a turnover of RSD 1.8 after continued pressure from a seller – a foreign investment fund. Jedinstvo-based Sevojno (JESV) returned to RSD 7,000 on low turnover after the company renewed its buyback program. The company announced a 25% jump in H1 revenues, while net income decreased by 27%.

WEEKLY REPORT, October 2-6, 2023