Belgrade Airports’ (AERO) weekly jump of 11.6% as well as additional advance at Komercijalna Banka (KMBN), were enough to keep BELEX15 in green on a weekly basis. Blue-chip index added 1.9%, while broad BELEXline was up 1.13%.
NIIS (NIIS) was the most trade name, with RSD 81.2m in volume, with no corporate events. It was followed by Fitofarmacija which generated RSD 8m in volume, as well as Komercijalna. Several days ago, Fitofarmacija reported RSD 746m in its FY 2018 net profit, which is basically flat y/y (down 1.1%). The company boosted sales by 4% y/y, due to slightly higher domestic placements and improved export. It operating profit was down 7%, due to higher cost of materials and lowered end products prices.
From the macro side, we had Serbian Statistical Office report on inflation. Consumer price growth equaled 0.7% in February 2019. Monthly inflation was determined by seasonally higher prices of fresh vegetables and fruit, and the cigarette price adjustment. The major downward pressure came from the seasonally lower prices of fresh meat, clothes and footwear. Consistent with NBS expectations, y-o-y inflation remained stable in February – at 2.4%.