Solid gains at Komercijalna and Sojaprtein led BELEX15 higher by 2.15% w/w, while NIS was the most traded name, with RSD 20.6m in volume.
Jump at Sojaportein (+8.4% w/w) was triggered by incoming acquisition of remaining stake, by it majority owner, while Komercijalna saw positive sentiment mainly due to earlier announcement of record high annual results. We expect this bank and NIS will be the first two names with 2018 reports.
From the macro side, according to the preliminary estimate of the Serbian Statistical Office, in Q4 2018 real GDP growth measured 3.5% y/y, while annual industrial production picked up by 1.3%, led by the growth in manufacturing (1.9%) and electricity, gas and steam supply (1.2%). Real retail trade turnover in 2018 went up by 4.2%. The rise in real turnover in the past four years amounted to almost 18%, reflecting mainly the growth in private sector employment and wages.