Serbia’s stocks rally to cap another winning week

The domestic stock market continued its upward trend, which has continued with short interruptions since the beginning of the year. The index of the most liquid shares, Belex15, rose by 0.7% to almost 969 points, while in 2024, so far, it has gained 10.7%. Total weekly turnover on the market amounted to RSD 756.3m (EUR 6.5m).

The most active stock was the Petroleum Industry of Serbia (NIIS), which rose 1.5% to RSD 835 on turnover of RSD 14.3m. Most of the turnover was executed at the RSD 850 level, close to the multi-year high reached in May last year.

Messer Tehnogas (TGAS) achieved a turnover of RSD 10.5m and closed the week slightly higher at RSD 24,005. For most of the week, the stock saw strong demand at the RSD 24,000 mark, the most likely price in the expected takeover bid by Messer. The majority owner of the company announced its intention to acquire the remaining 17.9% shares not under its control on February 23.

Jedinstvo Sevojno (JESV) continued its series of solid investment activity with a continuous downward trend, interrupted on Friday, surging on tiny volume. Total weekly turnover amounted to RSD 7.7m, with an increase of 2.7% to RSD 7,500.

Shares in Dunav Osiguranje (DNOS) fell by 1.9% to RSD 991 on a turnover of RSD 1.8m, while the transport company, Lasta (LSTA), recorded a solid turnover of RSD 10.1m, continuing the recent activity in consolidation of ownership in the company.

WEEKLY REPORT, March 18-22, 2024