Poor turnover on Belex, Belgrade Airport recovers 5.5%

Great uncertainty on global markets due to the conflict in the Middle East also brought record low turnover on the Belgrade Stock Exchange. The total turnover on the market amounted to RSD 48.3m (EUR 0.4m), but the Belex15 index broke the two-week downward trend with a growth of 0.7%.

The Petroleum Industry of Serbia (NIIS) was the most active stock with a turnover of RSD 11.1m, decreasing 0.7% to RSD 760. On Monday, NIS will announce Q3 results, which should show the recovery of profitability after poor Q2 numbers. The net income of NIS in the first six months fell by 69% to RSD 13.7bn, thanks to the modest result in Q2 when the company paid a donation to the Republic of Serbia worth RSD 7bn.

Shares in Dunav Osiguranje (DNOS) weakened by 0.9% to RSD 981 with a turnover of RSD 7.2m. Shares in the largest domestic insurer have traded in a narrow price range of RSD 980-995.

The biggest loser in the index basket was Messer Tehnogas (TGAS), which lost almost 4% to RSD 15,577 with a turnover of RSD 4.8m. The stock surpassed the RSD 17,000 level on the eve of the announcement of stellar half-year results but quickly subsided the optimism on the bid side.

Shares in Belgrade Airport (AERO), which recorded a sharp drop in the previous weeks after the pressure on the sales side, recovered 5.5% to RSD 1,800 with a turnover of RSD 3.5m. On Friday, the company announced a nine-month profit of RSD 34.1m compared to last year’s RSD 44.4m.

WEEKLY REPORT, October 23-27, 2023