Poor turnover on Belex, company dividends in focus

The BSE left behind another modest trading week with minimal index changes. The total trading turnover was RSD 80.2m (EUR 0.7m), while the Belex15 index increased slightly to 1,143.9 points.

The most traded stock was Dunav Osiguranje (DNOS), which continued the gradual recovery trend after the sharp drop following ex-dividend day. The shares of the largest domestic insurance company increased by 1.6% to RSD 1,383 with a turnover of RSD 2.7m.

Belgrade Airport (AERO) remained at RSD 2,180 with a turnover of RSD 1.5m, while Metalac (MTLC) fell 4.8% to RSD 1,952 with a turnover of RSD 1.3m. Metalac will pay shareholders a gross dividend of RSD 95 per share, and last week the stock went ex-dividend. 

Shares in Messer Tehnogas (TGAS) recovered 1.5% to RSD 34,000 with a turnover of RSD 0.8m. This company pleasantly surprised shareholders with a proposal to distribute profits. This year, the company’s management proposed to pay around 30% of last year’s profit instead of 20-25%, which was the case in previous years. The AGM will decide on the proposal to pay the shareholders a gross amount of RSD 1,115 per share (a yield of 3.3%) on June 17. 

WEEKLY REPORT, May 12-16, 2025