Tehnogas lifts Belex to new 52w high

The domestic stock market recorded a slight increase for the second consecutive week, while total turnover was extremely high thanks to government bonds, amounting to RSD 4.0bn (EUR 34.6m). The index of the most liquid stocks, Belex15, rose by 0.7% to 1,147.2 points.

The most active stock was Belgrade Airport (AERO), which remained at the RSD 2,000 level, with a turnover of RSD 8.2m. The company, which monitors the concession of the airport in Belgrade until 2044 and generates revenues based on modest annual concession fees, currently has a market capitalization of RSD 70.0bn (about EUR 599m).

The Petroleum Industry of Serbia (NIIS) fell by 0.5% to RSD 810 on a turnover of RSD 7.2m. The EGM approved the proposed decision to issue corporate bonds for RSD 5.9bn. The expected coupon rate is 6.5%, while the registration and the payment will last from 29 November to 13 December this year.

Dunav Osiguranje (DNOS) closed the week above the RSD 1,300 level after a while. The stock recorded a modest turnover of RSD 1.8m, rising by 0.5% to RSD 1,306.

Messer Tehnogas (TGAS) was the largest contributor to index growth, rising 4.5% to RSD 34,477 on a turnover of RSD 0.9m. The current price is 10% higher than Messer’s recent takeover bid offer, which attracted only 0.3%of the outstanding shares. Until Messer takes further steps on the stock, there is an extraordinary imbalance in the market between huge demand and modest supply.

WEEKLY REPORT, November 11-15, 2024