Daily Report 03.05.2019
Datum objave: 03.05.2019
Serbia's GDP growth slows to 2.3% y/y in Q1
The Serbian economy expanded by a real 2.3% year-on-year in the first quarter of 2019, the country's statistical office said in a flash estimate. Serbia’s real gross domestic product (GDP) growth slowed to 3.4% year-on-year in the fourth quarter of 2018 from 3.8% in the previous quarter. The statistical office said it will release more details on the first-quarter GDP on May 31.
NIIS: NIS reports disappointing net profit for 1Q19
NIS, oil&gas company, report RSD 158m in its 1Q19 profit, down huge 96% y/y on lower EBITDA and higher negative other result. The company sales grew only 1.9%, while EBITAD was down 30% y/y, on lower oil price while, maintenance works at Pancevo refinery also contributed to poor performances in the period. After these numbers, the company’s fill year outlook is clearly worsen, with annual profit seen down at least 20-30% y/y.
Source: NIIS, Ilirika
ENHL: Energoprojekt reported higher consolidated net profit on better other&financial result, while sales shrink 30% y/y
Energoprojekt, the largest Serbian construction company, reported RSD 740m in its consolidated net profit, up 41% y/y, but this arrived only due to better financial and other result. The company’s sales were down nearly 30% y/y, probably due to lower amount of executed job and unfavorable USD/RSD and EUR/RSD rate. Operating profit came in at only RSD 62m, which is much lower vs RSD 1bn from 2018.
Source: Belex, Ilirika
Dow drops 120 points, stocks fall for a second day after Fed Chief Powell signals no rate cut soon, Europe shares close lower as BOE holds rates, factory activity contracts, VW up 4%
Stocks fell on Thursday as interest rates continued to rise following comments on Wednesday by Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average fell 122.35 points or 0.46% to 26307.79 with most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high. The 30-stock benchmark dropped as much as 249 points at its intraday low. The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.
Thursday’s pullback was led by the tech sector as stocks such as Apple and Microsoft retreated from highs that came after better-than-expected earnings earlier this week. Shares of the iPhone maker fell 0.65% Thursday after surging as much as 6% on Tuesday when it reported strong guidance and an improvement in its China business. Microsoft was down more than 1.3%, falling for a second day after briefly hitting $1 trillion market cap on strong earnings.
Tesla shares rose more than 3% after the company unveiled a plan to raise up to $2 billion, with $1.35 billion coming from convertible bonds. The remaining $650 million would come from new equity, which includes a $10 million purchase by CEO Elon Musk.
European stocks closed lower on Thursday as traders reacted to comments from the chair of the Federal Reserve, a Bank of England monetary policy statement, corporate earnings and disappointing data from the euro zone. The pan-European Euro Stoxx 600 Index ended the session 0.6% lower. All major bourses and most sectors were in negative territory at the closing bell.
Looking at individual stocks, Volkswagen reported first-quarter earnings in line with expectations on Thursday, as the automaker attempts to increase the pace of its transformation. Shares closed almost 4% higher.
Daily Report 23.08.2019
23.08.2019 | Dow rises slightly ahead of big speech from the Fed chief; European stocks close lower amid recession fears; investors await Fed clarity; MTLC: Metalac reports 6% higher consolidated 6M19 sales, while net profit drops 6.5% y/y; Serbia, EAEU to sign free trade deal on October 25 - Russian ambassador; Serbia's Sojaprotein says backs Victoria Group buyout bid
Daily Report 22.08.2019
22.08.2019 | Dow jumps more than 200 points, Target and Lowe's surge on strong earnings; European stocks close higher as investors await Fed minutes; Government plans to reduce tax burden on wages; Agreement with CRBC on construction of Fruska Gora Corridor to be signed by Spring 2020; Knjaz Milos acquired by Mattoni 1873, PepsiCo
Daily Report 20.08.2019
20.08.2019 | Dow rallies more than 200 points as Wall Street continues rebound from August sell-off; European stocks close higher as policy stimulus hopes grow; Greene King up 51%; New motorways could attract investors to southwestern Serbia; Almost 85% of new factories opened along Corridor 10; MTLC: Metalac to report consolidated 6M numbers on Thursday, 22th August
Daily Report 19.08.2019
19.08.2019 | Dow rallies 300 points to end another wild week on Wall Street; European stocks close higher, ending a volatile week for global equity markets; ENHL: Energoprojekt 115. on the list of largest design companies; The pipeline pushed the value of June's building permits; Dinar against the euro 117.77 today
Daily Report 16.08.2019
16.08.2019 | Dow rises 99 points led by Walmart, rebounding from worst day of 2019; European stocks close lower in choppy session; ENHL: Energoprojekt reported improved financial performances for 6M 2019; MTLC: Metalac reported non-consolidated numbers, suggesting low single digit growth in 2019 is most realistic; JESV: Jedinstvo posted jump in sales&net profit in 6M19 period
Daily Report 15.08.2019
15.08.2019 | Dow tanks 800 points in worst day of 2019 after bond market sends recession warning; European stocks close sharply lower on weak data, bond market recession warnings; FITO: Galenika Fitofarmacija made 1.1 billion dinars net profit in 1H19, down 9.8% y/y; PLNN: Planinka buys Kursumlijska Spa – Grand opening by end of 2020, necessary investments exceed EUR 10 million; NBS: Inflation remains stable at about 2.0% next two years
Daily Report 14.08.2019
14.08.2019 | Stocks jump led by Apple after US delays some China tariffs; European stocks close higher as US delays China tariffs on phones and clothing; Serbia takes first place in greenfield direct foreign investments globally; Fiat to manufacture seven-seater SUV based on "tipo" model in Kragujevac; Victoria offers RSD 180 per share for remaining stake at Sojaprotein
Daily Report 13.08.2019
13.08.2019 | Dow drops 390 points and slips back below 26,000 as bond yields decline; European stocks close lower amid trade war worries; Tullow Oil up 20%; NBS: FX reserves at EUR 12.7bn in July; NBS: Annual inflation in July at 1.6%; EUR 12 billion for investment plan, investments to be made in utility, transport, energy digital infrastructure and tourism
Daily Report 12.08.2019
12.08.2019 | Stocks fall on renewed trade war fears as Wall Street concludes volatile week; European stocks close lower as Italian banks plunge on political turmoil; Autos down 2.5%; Dinar to hit record high on Monday at 117, 6809 for one €; Talks on Belgrade-Bar railroad with Montenegro; Government again gives 21 million euro to Air Serbia
Daily Report 09.08.2019
09.08.2019 | Stocks rally, pushing S&P 500 into positive territory for the wild week; European stocks close higher as sharp fall in global bond yields stabilizes; Serbia's c-bank cuts key repo rate to 2.5%; Turnover through instant payments in July RSD 8 billion; Investment cycle to result in 5% GDP growth