Tehnogas lifts Belex turnover and index

The domestic stock market continued to rise for the fourth consecutive week, mainly because Messer Tehnogas (TGAS) came within touching distance of its all-time high of 2007. Total turnover amounted to RSD 133.7m (EUR 1.1m), while the Belex15 index rose by 1.85 to 934.9 points.

Speculation about the consolidation of ownership of Tehnogas became official at the end of the week. The majority owner of the company, Messer, announced its intention to take over the shares held by minorities, and the offered price will not be lower than the RSD 24,000 at which Messer acquired the shares on Thursday. Tehnogas closed the week at RSD 24,643, up 12.7%.

Slightly more intense investment activity was seen in the Petroleum Industry of Serbia (NIIS), which continued to suffer from increased pressure on the sell side. The stock fell by 1.9% to RSD 786 with trading value of RSD 28.8m.

Impol Seval (IMPL) fell 4.2% to RSD 5,200 on a turnover of RSD 14.3m. The shares of this aluminum rolling mill reached an all-time high of RSD 6,700 in the spring of last year after posting record FY22 numbers, following a gradual downward trend due to a slowdown in global demand and a slump in the company’s profit.

Sevojno-based Jedinstvo (JESV) has been among the most traded stocks, with a turnover of RSD 9.8m at around RSD 7,000. The company itself was among the buyers on the market with the implementation of its buyback program.

WEEKLY REPORT, February 19-23, 2024