Two Stocks Drove 40 Percent of Belgrade Exchange Turnover

Total turnover on the Belgrade Stock Exchange last week came to 46,006,412 dinars, roughly 0.4 million euros. Two securities, the Messer Tehnogas share and the Nikola Tesla Airport share, together accounted for about 18.6 million dinars, close to 40 percent of everything that changed hands. The rest of the market, every other listed issuer combined, was left with less than 28 million dinars.

The Belex15 index gained 3.59 percent, while the broader Belexline rose 2.31 percent. The data came from the brokerage Momentum Securities, which noted that there was no significant trading in government bonds during the week. When the entire weekly volume comes down to less than half a million euros, even a handful of orders can move the index.

Why Tehnogas Jumped 18.69 Percent

The Messer Tehnogas share closed the week at 42,566 dinars, up 18.69 percent. During trading the price touched 45,500 dinars, a historic high for the stock. Turnover in Tehnogas shares came to about eight million dinars, meaning the record price was set on a volume smaller than what a single stock alone moves on this market.

The rally is being linked to a fresh attempt to consolidate ownership in the company, after two takeover bids failed to go through during 2024. A buyer who accumulates blocks of shares ahead of a formal takeover offer ends up bidding the price up against himself, because the remaining shareholders watch where the market price sits and factor it in once the offer arrives.

The close of 42,566 dinars sat 2,934 dinars below the week’s peak, about 6.4 percent. A swing of that size across five trading days shows how thin the order book is: the same stock carried two prices in the same week that differed by nearly a seventh.

Airport Carries Turnover, Tehnogas Carries the Index

The most heavily traded stock of the week remained the Nikola Tesla Airport share, with turnover of 10,591,337 dinars, mostly at a price of 2,085 dinars. The price rose just 0.29 percent. The airport is still the only stock on the Belgrade Stock Exchange that regularly delivers double digit millions in turnover without any news behind it, which makes it the benchmark for daily liquidity on this market.

After a long absence from the list, Impol Seval, based in Sevojno, also ranked among the more heavily traded stocks, with turnover of 4.4 million dinars, mostly at a price of 5,500 dinars. It ended the week at 5,600 dinars, up 1.82 percent, but after the loss it posted in 2025, the stock is still down about 27 percent for the current year. A weekly gain of under two percent does not change that yearly picture.

Winners and Losers

Behind Tehnogas, the list of gainers included:

• Jedinstvo, based in Sevojno, up 3.99 percent, closing at 9,000 dinars
• Impol Seval, based in Sevojno, up 1.82 percent, 5,600 dinars
• Preduzeće za puteve Valjevo, up 1.75 percent, 2,900 dinars
• Nikola Tesla Airport, up 0.29 percent, 2,085 dinars

The list of losers was led by Termika Belgrade, down 2.86 percent to 3,293 dinars. Behind it:

• Philip Morris Operations, based in Nis, down 0.89 percent, 9,018 dinars
• Dunav osiguranje, down 0.70 percent, 1,837 dinars, on turnover of 1.9 million dinars
• Goša FOM, based in Smederevska Palanka, down 0.07 percent, 1,399 dinars

Aside from Termika, every decline stayed under one percent, so the entire losing side of the week adds up to a few tens of thousands of euros in lost market value. Serbia’s stock market does not move because someone is selling in bulk. It moves because a buyer shows up for one stock with an intention.

The next piece of information that would change the Tehnogas story is a formal takeover offer and the price written into it. Until then, 45,500 dinars is only a price set on eight million dinars of turnover, in a market that totaled 46 million dinars for the entire week.