Tehnogas dominates the market on high stock volatility

The Serbian stock market decreased for the third week in a row with an intensity not seen since the beginning of June. The index of the most liquid shares, Belex15, weakened by 1.9% to 854.6 points, while the total turnover amounted to RSD 49.3m (EUR 0.4m).

Messer Tehnogas (TGAS) was the most active stock with a turnover of RSD 31.1m, achieved mainly at RSD 13,000 in a single transaction. The transaction was recorded on Wednesday after the stock hit RSD 16,900 previously, its highest level for a year. Tehnogas has not yet published its H1 business results, which could impact the stock price more than any other factor till the end of the year.

Shares in the Petroleum Industry of Serbia (NIIS) continued their recovery on small turnover, reaching RSD 713 last week with a trading value of RSD 3.7m. Thus, NIS returned to the levels where it was before the publication of Q2 results, which brought a drop in its market value. As already known, NIS will pay a dividend of RSD 143.3 per share on August 24.

Dunav Osiguranje (DNOS) continued its downward trend, dropping 4.2% to RSD 936 with a turnover of RSD 3m. Towards the end of the week, the stock received solid support on the bid side.

Preferred shares in Philip Morris (DINNPB) jumped 2.8% to RSD 7,300, while Belgrade Airport (AERO) fell almost 5% to RSD 1,901 after the stock has been trading above RSD 2,000 for a long time. Domestic pension funds, which are the largest minority shareholders of the company, have contributed significantly to the stock’s weird growth since the beginning of the concession.

WEEKLY REPORT, August 14-18, 2023