Messer Tehnogas Stock Hits Record 38,001 Dinars

Shares of Messer Tehnogas closed trading on Monday, August 3, at 38,001 dinars (about 320 euros), after climbing 5.96% in a single session. That move broke the all time high of 37,400 dinars, a level that had stood since October 2025.

In absolute terms, the gain amounted to 2,137 dinars per share compared to last week’s closing price of 35,864 dinars. The new high sits 601 dinars above the October peak, a 1.6% increase. Both Belgrade Stock Exchange indices rose the same day: Belex15 climbed 1.21%, while BelexLine added 0.70%.

Turnover across the whole market: 369,355 dinars

Total turnover on the Belgrade Stock Exchange on Monday came to 369,355 dinars, roughly 3,100 euros at the exchange rate implied by the weekly market review. That figure covers every security and every issuer combined for the entire session.

The comparison with the previous week shows just how thin that is. Tehnogas alone generated 12.7 million dinars (about 107,000 euros) in turnover that week, with its price up 2.5%, averaging roughly 2.5 million dinars a day. Monday’s turnover for the entire market was close to seven times smaller than the average daily turnover of that single stock a week earlier.

Why does a record come on such a thin market?

Because on daily turnover below 400,000 dinars, a handful of orders is enough to move the price. A near 6% swing on a market this size does not require large capital, only a seller unwilling to lower the asking price. The record of 38,001 dinars is an accurate figure, but on its own it says nothing about the depth of demand for the stock.

The debt market tells a different story. Government bonds saw turnover of 1.5 billion dinars (12.6 million euros) over the previous week, though that figure covers five trading days against a single session for Tehnogas. Money entering Serbia’s domestic capital market still flows mostly into bonds, not stocks.

Who lost ground last week

The weekly market review, compiled by Momentum Securities, recorded three declines:

• Dunav Insurance, down 2.1% to 1,850 dinars, on turnover of 2.9 million dinars
• Energoprojekt Holding, down to 455 dinars after shareholders approved a squeeze out buyout at 452 dinars per share
• Jedinstvo Sevojno, down 3.8% to 8,655 dinars

The Jedinstvo Sevojno case stands out most. The company reported profit growth of 62% in the first half of the year, to 194.5 million dinars (about 1.63 million euros), yet its share price fell the same week. On a market with this little trading volume, a published result and a price move often have no connection, since there are not enough participants for the result to be priced in at all.

Energoprojekt is a different kind of story, and one with a sequel. Its price of 455 dinars sits just above the buyout price of 452 dinars, and once the squeeze out is completed, no free floating shares of the company will remain on the exchange. The list of names that can actually be traded shrinks by one more, and this time it is a name that had been among the most recognizable on the domestic market for decades.

What comes next

Belex15 closed the previous week at 1,218.4 points, down slightly, after a July that left the index roughly flat. Monday’s 1.21% gain brings it back to about 1,233 points, still inside the narrow range where Belex15 has traded for months.

For Tehnogas, the next test is simple: whether the price holds above 37,400 dinars, the level that had capped the stock since October 2025 and that it touched from below twice last week, reaching a high of 37,000 dinars. The company operates in industrial gas production, a sector that reports results twice a year, so the real confirmation or denial of this rally will come from the next financial report, not from a session that traded a few thousand euros worth of stock.