Tehnogas lifts Belex to highest level since May 2023

Messer Tehnogas (TGAS) continued its upward trend, pushing the benchmark Belex15 index up by 2.6% during the week. Total turnover in the shortened trading week amounted to RSD 204.1m (EUR 1.7m), taking the index to its highest since May last year.

Tehnogas jumped almost 20% for the week as investors continued to buy the stock on speculation of a possible ownership consolidation. Tehnogas closed the week at RSD 21,871, the highest level since 2007. Since the beginning of the year, Technogas has gained 38%, reaching 80% of its book value for the first time in a long time, with a market capitalization of RSD 22.7bn (EUR 193.5m).

Other stocks have been in the shadow of this event. Dunav Osiguranje (DNOS) closed the week below RSD 900 for the first time in a long while, with a turnover of RSD 7.2m. Since the beginning of the year, this stock has lost almost 5% after losing 12% in 2023.

Last week, Metalac (MTLC) was one of the most traded stocks, with a turnover of RSD 6.2m at an unchanged price of RSD 1,550. NIS (NIIS) fell to the psychological level of RSD 800, with a turnover of RSD 6.0m, after selling pressure prevailed.

The shares in Jedinstvo Sevojno (JESV) reached a turnover of RSD 5.8m at the RSD 7,010 level. The company reported quite solid Q4 and FY23 results. Unconsolidated FY net profit grew by 31% RSD 312.7m, with net profit reaching RSD 126.7m in Q4 alone.

WEEKLY REPORT, February 12-14, 2024