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    0.29

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    0.01

    0.49%

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  • Price

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    Turnover

    AERO

    1,793

    8,040

    0.79%

    14,406,839

    NIIS

    714

    4,769

    0.42%

    3,403,072

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    2,800

    942

    -0.28%

    2,637,600

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    3,100

    471

    47.62%

    1,460,100

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    2,012

    137

    -2.19%

    275,600

  • Price

    Volume

    Change

    Turnover

    BBTR

    3,100

    471

    47.62%

    1,460,100

    DINNPB

    3,150

    50

    3.11%

    157,500

    KMBN

    1,920

    20

    1.00%

    38,400

    AERO

    1,793

    8,040

    0.79%

    14,406,839

    NIIS

    714

    4,769

    0.42%

    3,403,072

  • Price

    Volume

    Change

    Turnover

    MTLC

    2,012

    137

    -2.19%

    275,600

    TIGR

    65

    100

    -1.52%

    6,500

    RSO1487

    106

    75

    -0.73%

    79,814

    FITO

    2,800

    942

    -0.28%

    2,637,600

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    -0.11%

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    0.161%

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    142.375

    0.1808

    0.127%

    USDJPY

    103.9650

    -0.0473

    -0.045%

Debt securities

  • Price

    Yield

    Change

  • Maturity

    Volume

    % of realization

    Discount rate

    5Y eur

    100,000

    80.28%

    1.95%

    53W eur

    50,000

    98.00%

    0.47%

    3Y eur

    50,000

    100.00%

    1.49%

    2Y rsd

    2,500,000

    46.52%

    4.05%

    15Y eur

    75,000

    70.13%

    4.20%

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Auction of 5-year EUR denominated Government Bonds of the Republic of Serbia

M&V Investments NEWS

At the auction of 5-year EUR denominated Government Bonds of the Republic of Serbia, issued on 19th of January 2018, the ...

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At the auction of 5-year EUR denominated Government Bonds of the Republic of Serbia, issued on 19th of January 2018, the volume of T-bonds issued amounted to EUR 100,000,000.

The total volume of offers amounted to EUR 166,131,000. Government Bonds in the amount of 80,280 were realized, having the total nominal value of EUR 80,280,000.

T-bonds were sold at YTM of 1.95%. The maturity date of the sold bonds will be 23rd of January 2023. The coupon (2.25% annually) payment date is 23rd of January.

YTM on todays auction was 0.43 percentage points lower when compared to that one of the previous auction of the same maturity, held on November 21st 2017.

Receiving from the auction of the Government Bonds will be used for repayments of public debt liabilities which mature in January 2018.

Auction of 53 weeks EUR denominated Government Bills of the Republic of Serbia

M&V Investments NEWS

At the auction of 53 weeks EUR denominated Government Bills of the Republic of Serbia, issued on 18th of January 2018, the ...

More...

At the auction of 53 weeks EUR denominated Government Bills of the Republic of Serbia, issued on 18th of January 2018, the volume of T-Bills issued amounted to EUR 50,000,000.

The total volume of bids amounted to EUR 49,000,000. T-Bills in the amount of 49,000 were realized, having the total nominal value of EUR 49,000,000.

Government Bills were sold at YTM of 0.47% on the annual level and maturity date is 28th of January 2019.

YTM of today's auction was 0.01 percentage points lower when compared to that one of the previous auction of the same maturity, held on 05th of December 2017.

Receiving from today's auction of T-Bills will be used for repayments of public debt liabilities which mature in January 2018.

Announcement - Auction Calendar for Government Securities of the Republic of Serbia in Q1 2018

M&V Investments NEWS

In Q1 2018 the following auctions of Government Securities are planned:

More...

In Q1 2018 the following auctions of Government Securities are planned:

 

 

RSD denominated Government Securities:

On January 23rd, 2018 - 5Y bonds, planned amount to be sold RSD 10,000,000,000

On January 30th, 2018 - 3Y bonds, reopening from April 3rd 2017, planned amount to be sold RSD 24,061,830,000

On February 6th, 2018 - 10Y bonds, planned amount to be sold RSD 10,000,000,000

On February 13th, 2018 - 5Y bonds, reopening from January 23rd 2018, planned amount to be sold RSD 10,000,000,000

On February 20th, 2018 - 10Y bonds, reopening from February 6th 2018, planned amount to be sold RSD 10,000,000,000

On February 27th, 2018 - 5Y bonds, reopening from January 23rd 2018, planned amount to be sold RSD 10,000,000,000

On March 6th, 2018 - 10Y bonds, reopening from February 6th 2018, planned amount to be sold RSD 10,000,000,000

On March 13th, 2018 - 5Y bonds, reopening from January 23rd 2018, planned amount to be sold RSD 10,000,000,000

On March 20th, 2018 - 10Y bonds, reopening from February 6th 2018, planned amount to be sold RSD 10,000,000,000

On March 27th, 2018 - 5Y bonds, reopening from January 23rd 2018, planned amount to be sold RSD 10,000,000,000

 

 

EUR denominated Government Securities:

On January 18th , 2018 - 53W bills, in amount of EUR 50,000,000

On January 19th, 2018 - 5Y bonds, in amount of EUR 100,000,000

On February 1st, 2018 - 2Y bonds, in amount of EUR 50,000,000

On February 2nd, 2018 - 3Y bonds, in amount of EUR 50,000,000

On March 22nd, 2018 - 2Y bonds, in amount of EUR 50,000,000

On March 26th, 2018 - 10Y bonds, in amount of EUR 100,000,000

On March 28th, 2018 - 3Y bonds, in amount of EUR 50,000,000

Matijevic buys Hotel Slavija Lux for EUR 6.5 million

SOURCE: ekapija

One of the three hotels from the Slavija complex, Slavija Lux, was sold on Tuesday, January 16, 2018, for EUR 6.5 million to the company Mat Real Estate, owned by Petar Matijevic, Danas reports.

More...

One of the three hotels from the Slavija complex, Slavija Lux, was sold on Tuesday, January 16, 2018, for EUR 6.5 million to the company Mat Real Estate, owned by Petar Matijevic, Danas reports.

The new owner, which was previously mentioned as a potential buyer, has been given 15 days to pay the amount reached at the auction, but he will still not be able to acquire the facility until the court determines whether to wait for the confirmation of the validity of the disputed debt of around EUR 2 million, based on which the hotel was sold.

Mat Real Estate was the sole participant at the auction scheduled by the public enforcement officer Marko Vukicevic, who thereby realized the decision from the arbitration between the companies Slavija Hoteli and Fil-Sar, which arose from the dispute related to the joint organization of gambling games.

The management of Slavija Hoteli disputes the existence of the debt, and the arbitration upheld the claim of Katarina Saranovic, widow of the murder owner of Fil-Sar that he was paying the money for the operations of the gambling house, without a forensic economic evaluation and documentation. The management asked for the sale procedure to be postponed until the the court at which they filed a complaint for the cancellation of the arbitration reached the decision. They also pointed out that, if any of the three hotels were sold and the court later determined it should not have been done, there would be no way to repair the damage. The enforcement officer still scheduled the auction.

– Representatives of Slavija Hoteli were present at the auction, and I pointed out previously that it was necessary to wait for the court's decision. The enforcement officer didn't accept this, but he reached the decision according to which the charged amount could not be forwarded to the creditor, the company Fil-Sar, until the court decides on the legal complaints we had filed to the enforcement officer's decision to have the public auction – president of the GM of Slavija Hoteli, Maja Pejcic, told Danas and added that it would be much better for the complex to have been sold as a single unit as part of a privatization, instead of being fragmented, and then over the debt disputed by the company.

According to the decision issued by the enforcement officer after the auction, Matijevic is familiar with the decision on the sale, but also with the complaints filed by Slavija Hoteli. He stated that he was aware of the legal consequences of these acts and that he was prepared to take all the related legal risks, Danas reports.

 

https://www.ekapija.com/en/real-estate/2002927/KZIN/matijevic-buys-hotel-slavija-lux-for-eur-65-million

FX Reserves and IFEM Movements in December

SOURCE: nbs

According to preliminary data, NBS FX reserves stood at EUR 9,960.9 mn at end-December, covering 176% of money supply M1 or around six months’ worth of the country’s imports of goods and services ...

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According to preliminary data, NBS FX reserves stood at EUR 9,960.9 mn at end-December, covering 176% of money supply M1 or around six months’ worth of the country’s imports of goods and services – almost twice higher than the standard on the adequate level of coverage of imports of goods and services by FX reserves. FX reserves less banks’ FX balances on account of required reserves and other requirements (net FX reserves) came at EUR 8,274,0 mn at end-December.

In December, gross FX reserves declined by EUR 144.1 mn and net FX reserves by EUR 105.0 mn. The decline in gross and net FX reserves is almost fully due to the reduction in FX-denominated debt of the Republic of Serbia and unfavourable cross-currency changes in the international financial market. In December, the government net repaid EUR 126.0 mn in respect of loans and FX securities issued in the domestic market, while the negative effect of cross-currency changes equalled EUR 20.9 mn.

Other transactions impacting FX reserves in December had an almost neutral effect. The inflows worth EUR 166.7 mn in respect of grants, FX reserves management and other grounds, fully covered the outflows from FX reserves worth EUR 163.9 mn in respect of NBS interventions in the interbank FX market, reduced bank allocations in FX required reserve accounts and the servicing of frozen FX savings.

Trading volumes in the IFEM amounted to EUR 1,452.5 mn in December, up by EUR 487.7 mn from the month before. In 2017, interbank trading volumes reached EUR 7,519.9 mn.

December saw nominal appreciation of the dinar against the euro by 0.8%. To ease excessive short-term volatility of the exchange rate in an environment of prevailing depreciation pressures, the NBS intervened in the IFEM mainly on the sale side (net sale worth EUR 135 mn).

 

http://www.nbs.rs/internet/english/scripts/showContent.html?id=12384&konverzija=no

Delta Holding to take part in Sava Centar tender again – Planned investment EUR 25 million

SOURCE: ekapija

Delta Holding will once again take part in the tender for a partner for reconstruction and management of the biggest congress ...

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Delta Holding will once again take part in the tender for a partner for reconstruction and management of the biggest congress center in Serbia, Sava Centar in Belgrade.

As Zivorad Vasic, vice president of Delta Holding, said at a press conference, the company is prepared to invest EUR 25 million in the reconstruction of this facility.

He added that a project had been prepared envisaging the connecting of Sava Centar and Hotel InterContinental Belgrade, to be built by Delta in proximity to the congress center, by a footbridge.

Let us remind that the City of Belgrade offered Sava Centar to investors once again in mid-December in order for a partner to be found for reconstruction and management. The city would invest the property exclusively in the capital of the joint venture, whereas the partner would be obliged to invest certain financial assets, in line with its offer.

The reconstruction of Sava Centar entails a full renovation of congress infrastructure, with a special focus on the possibility of construction of new features, whereas the management part requires professional management with experience in running congress centers of similar size.

Let us remind that two offers passed the first round of qualifications at the first public invitation – the offers of Delta Holding and the consortium of the Nikola Tesla Airport, Energoprojekt Holding and the Belgrade Fair. Neither of them, however, submitted a binding offer, although the deadline was extended several times.

According to the company's vice president, Dejan Jeremic, Delta Holding plans to invest EUR 600 million in the next three years, primarily in real estate and the agrarian sector.

 

https://www.ekapija.com/en/real-estate/2003611/KZIN/delta-holding-to-take-part-in-sava-centar-tender-again-planned-investment

Inflation Movements in December 2017

SOURCE: nbs

According to the data of the Serbian Statistical Office, consumer prices remained unchanged (0.0%) in December, for the second month in a row.

More...

According to the data of the Serbian Statistical Office, consumer prices remained unchanged (0.0%) in December, for the second month in a row. Changes in prices of certain products compared to November were primarily a result of regular seasonal movements – the prices of fresh fruit and meat dropped and the prices of fresh vegetables and firewood rose.

In 2017 y-o-y inflation moved within the target tolerance band, and in December it stood at targeted 3.0%. Core inflation at y-o-y level (consumer price index excluding food, energy, alcohol and cigarettes) stood at 1.3%, which is its lowest level since the consumer price index is used as a measure of inflation.

Under the NBS central projection, in the coming period y-o-y inflation will continue to move within the target tolerance band of 3.0%±1.5 percentage points, and from January it should fall due to the high base of certain products which recorded one-off hikes at the beginning of the last year.

 

http://www.nbs.rs/internet/english/scripts/showContent.html?id=12364&konverzija=no

Novkabel Novi Sad debt-free since late 2017 – Commercial Court of Appeal rejects creditors' complaints

SOURCE: ekapija

The Pre-Packaged Reorganization Plan at Novkabel has been successfully completed.

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The Pre-Packaged Reorganization Plan at Novkabel has been successfully completed. This formerly state-owned Novi Sad-based cable producer is now owned by the creditors, is debt-free and can continue operating without obstacle, Zoran Stanojevic, director of Novkabel, explains.

Stanojevic says that the Commercial Court of Appeal in Belgrade rejected all the claims by the creditors and that Novkabel was handed a decision confirming the completion of this process in late December.

– The biggest creditors, the company Yu Point, a part of East Point, which owns 86% of the company, is now the formal majority owner of Novkabel – Stanojevic specified. – Other creditors have also converted their claims into ownership shares, so we have been debt-free since the end of 2017, and it is up to the new owners to decide what to do with the factory.

Stanojevic reminds that the situation in the company was very hard at the time he took over the management of it as a representative of state bodies. Even so, the production continued and the company persevered.

– I entered the factory which was facing bankruptcy in three days and hardly anyone believed that it could survive, as the debts amounted to EUR 56 million, whereas the factory's property had been estimated at EUR 38 million – Stanojevic notes.

– Through great effort, primarily that of the workers who stayed in the factory and of whom there are now 296, we have managed to do the impossible. We've maintained the production, managed to handle regular costs, but also regularly paid the salaries, which equal RSD 44,000 on average.

– I believe that this will be overcome as well and that the new owners will reach the decision to continue the production – Stanojevic is clear. – According to our calculations, we need an investment of around EUR 9 million, which would be used for the purchase of processed materials and a simplification and modernization of the production and enable us to offer our high-quality cables to the western European market. I therefore believe that the factory has a future.

Extra space

Novkabel owns around 32 hectares of building land with infrastructure in the industrial zone of Novi Sad. The halls take up around 120,000 square meters, and there's also the former management building with 11 floors.

– We are currently using around a fifth of the space, so it would be most valuable for the company if we could sell of lease it – Stanojevic says. – Its maintenance is a great expense for us, and the lessees did not opt to do business with us while we were in the process of reorganization. Now that this obstacle has been removed, I believe that the halls will no longer be empty.

 

https://www.ekapija.com/en/news/2000892/novkabel-novi-sad-debt-free-since-late-2017-commercial-court-of-appeal

Adoption of New Decision on Types of Foreign Exchange and Foreign Cash to be Purchased and Sold in the Foreign Exchange Market

SOURCE: nbs

At its meeting today, the NBS Executive Board adopted the new Decision on the ...

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At its meeting today, the NBS Executive Board adopted the new Decision on the Types of Foreign Exchange and Foreign Cash to be Purchased and Sold in the Foreign Exchange Market. The most important novelties introduced by this Decision are the following:

  • two new currencies are introduced in the list of foreign currencies that may be traded in the foreign exchange market in the Republic of Serbia, in the form of foreign exchange and foreign cash – the Bulgarian lev and Romanian leu;
  • trading in the form of foreign exchange is enabled for those currencies which until now were traded only in the form of foreign cash, namely for the Hungarian forint, Polish zloty, Czech koruna, convertible mark and Croatian kuna;
  • the Kuwaiti dinar is introduced in the NBS exchange rate list.

These novelties were introduced by the adoption of the new Decision on the Types of Foreign Exchange and Foreign Cash to be Purchased and Sold in the Foreign Exchange Market, bearing in mind more substantial changes that are being adopted and the fact that over the last few years the existing Decision already underwent changes and amendments (due to introduction of new currencies and new participants in the foreign exchange market).

When making the decision to introduce the Romanian leu and Bulgarian lev to the foreign exchange list, the NBS was guided by the participation and importance of Romania and Bulgaria in the foreign trade of the Republic of Serbia and the potentials for strengthening and improving economic cooperation with those countries in the period ahead. It also took into account the steady rise in the number of Romanian and Bulgarian nationals visiting Serbia. It is expected that the introduction of these two currencies will also encourage joint economic projects of Serbia with Bulgaria and Romania. This enables the exchange of the Bulgarian and Romanian currencies for dinars and vice versa, in accordance with the interests, especially in border areas.

When making the decision to introduce the Romanian leu and Bulgarian lev to the foreign exchange list, the NBS also took into account the fact that these countries have the investment grade credit rating and that both are members of the European Union.

The Bulgarian lev and Romanian leu will be included in the list of foreign exchange and foreign cash that may be traded by banks, and in the list of foreign cash that licensed exchange dealers and the public postal operator may buy and sell in the domestic foreign exchange market. Both currencies will also be added to the NBS exchange rate list.

The Bulgarian currency will be introduced to the exchange rate list as the ‘Bulgarian lev’ with the letter designation ‘BGN’ and numerical designation ‘975’. The Romanian currency will be introduced as the ‘Romanian leu’ with the letter designation ‘RON’ and numerical designation ‘946’.

The Hungarian forint, Polish zloty, Czech koruna, convertible mark and Croatian kuna – hitherto traded only as foreign cash, will also be introduced to the list of currencies that banks and the NBS may use in foreign exchange trading. In adopting this Decision, the NBS took into account all major needs and demands of economic agents interested in opening accounts and trading in these currencies in the form of foreign exchange.

It was also decided that the Kuwaiti dinar should be added again to the NBS exchange rate list, given that there are agreements on a loan approved to budget beneficiaries and that funds within loan tranches will be drawn down in this currency. The Republic of Serbia will thus make savings by reducing the costs of intermediary currencies (the euro or the US dollar) in credit arrangements concluded in the Kuwaiti dinar. This helps enhance the efficiency of the servicing of payments and/or collections under current (and future) loans in this currency, where the NBS acts as the agent of the Republic of Serbia. In addition, the harmonisation of exchange rate lists of banks and the NBS is highly important also in the light of preservation of financial stability and the possibility for the NBS to provide each currency that can be traded in the domestic foreign exchange market.

This Decision enters into force on 1 February 2018.

 

http://www.nbs.rs/internet/english/scripts/showContent.html?id=12356&konverzija=no

Nestle to sell its US production of sweets to Ferrero

SOURCE: ekapija

The Swiss company Nestle has decided to sell its production of sweets in the USA to Italy's Ferrero for around USD 2.8 billion.

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The Swiss company Nestle has decided to sell its production of sweets in the USA to Italy's Ferrero for around USD 2.8 billion. Ferrero is to take over famous chocolate brands such as Crunch and Butterfinger.

Last summer, Nestle hinted at the possibility of the sale, as the company decided to focus on sectors with a bigger growth, such as pet care, coffee and food for children.

In September, the Swiss giant announced that it had bought a majority share in Blue Bottle Coffee.

Nestle said that the production of sweets comprised around 3% of the company's sales in the USA. Ferrero should take over this sector in Nestle at the end of the first quarter.

 

https://www.ekapija.com/en/news/2003022/nestle-to-sell-its-us-production-of-sweets-to-ferrero

Key Policy Rate Kept on Hold

SOURCE: nbs

At today’s meeting, the NBS Executive Board voted to keep the key policy rate on hold, at 3.5%.

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At today’s meeting, the NBS Executive Board voted to keep the key policy rate on hold, at 3.5%.

In making such decision, the Executive Board had in mind the expected movement in inflation and its factors in the coming period, and the expected effects of past monetary policy easing.

As assessed by the Serbian Statistical Office, in December 2017 inflation measured 3% year-on-year, i.e. the target midpoint. Inflation expectations of the financial and corporate sectors are anchored within the target tolerance band.

The NBS Executive Board expects inflation to continue to move within the target tolerance band of 3.0±1.5%. In the first half of this year, inflation is likely to move below the target midpoint, reflecting the high base for prices of petroleum products and other products which recorded one-off hikes in early 2017. The expected rise in domestic demand will work in the opposite direction.

The NBS Executive Board carefully monitors developments in the international environment, primarily developments in the global financial market and world prices of primary commodities, which mandate caution. Uncertainty in the international financial market over the divergence of monetary policies of the leading central banks – the Fed and the European Central Bank, still prevails, which may affect global capital flows towards emerging economies, including Serbia. In addition, uncertainty surrounds also the movements of world prices of primary commodities, especially world oil prices, which recorded growth in the previous months. Nevertheless, the Executive Board points out that the resilience of our economy to potential negative impacts from the international environment has increased, owing to the strengthening of domestic macroeconomic fundamentals and a more favourable outlook for the period ahead.

The next rate-setting meeting will be held on 8 February 2018.

 

http://www.nbs.rs/internet/english/scripts/showContent.html?id=12354&konverzija=no

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