The Belgrade Stock Exchange reported a turnover of EUR 1.63m in November 2020 (when observing solely equity). This would translate to a low average daily turnover of EUR 81.4k.
In November, the most traded share (excluding block transactions) was Komercijalna Banka with a turnover of EUR 0.57m. Next came NIS with EUR 0.22m and Galenika Fitofarmacija with EUR 58.1k.
BELEX15 observed a moderate increase of 1.68% (ending the month at 713.57 points), representing the 7th time that the index ended the month in green in 2020. As of end November, BELEX15 is still down 10.99% YTD.
Of the index constituents Komercijalna Banka (pref.) observed the highest share price increase of 11.62%, closing at RSD 3,000 per share and converging to the acquisition price concluded with NLB Group this year. As a reminder, NLB acquired the 83.23% stake in Komercijalna Banka for EUR 387m, which puts the transaction multiple at P/B 0.77.
Next comes NIS, with an increase of 4.74%. Impol Seval and Galenika Fitofarmacija follow with an increase of 2.77% and 2%, respectively. On the flip side, Metalac leads the losers with -4.68%.
Of other Serbia related news, Serbia recently returned to the US dollar market after a seven-year long pause with a 1.2bn USD December 2030 note. The bond placement was preceded by a tender offer to buy back the 900mm USD of the outstanding note maturing in September 2021 at 105.70 (about 0.32% YTM). To read more about it click here.
