Jagodinska Pivara sold for RSD 50 million
The Board of Creditors of Jagodinska Pivara in bankruptcy has accepted the offer of RSD 50 million, and the company will be sold to the Jagodina-based trade firm X-TRADE DOO, the Bankruptcy Supervision Agency announced. X-TRADE sent the only bid, but the price is below 50% of the property evaluation on February 18, so the realization required consent from the Board of Creditors of Jagodinska Pivara. The property of Jagodinska Pivara was evaluated at RSD 711 million, and its most important parts are the business complex in Jagodina, consisting of 41 facilities and warehouses in Nis, Krusevac and Pozarevac.
Foreign exchange reserves of National Bank of Serbia at end-February amount to EUR 11.398 billion
Gross NBS FX reserves amounted to EUR 11,398.3 million at end-February, up by EUR 51.9 million month-on-month and by as much as EUR 1,607.2 million year-on-year. The increase in gross FX reserves in February is largely attributable to successful FX reserve management, grants, the usual bank activity with regard to FX reserve requirements, and other sources (EUR 104.1 million net). A boost to FX reserves also came from market factors (EUR 53.5 million).
Srbijagas becomes majority owner of Gas Promet Istocno Sarajevo shares – Gas pipeline branch from Belgrade to Republika Srpska planned
The general directors of Srbijagas and Gas Promet Istocno Sarajevo, Dusan Bajatovic and Milomir Draganic, and the director of the Investment-Development Bank of Republika Srpska, Snezana Vujnic, signed an agreement on the settling of property-legal relations, the status-legal issues and investments in Gas Promet in Banjaluka. The Minister of Energy and Mining of Republika Srpska, Petar Djokic, pointed out that Srbijagas is becoming the majority owner of Gas Promet Istocno Sarajevo-Pale with a 39.14% stake. The Equity Fund of Republika Srpska will have 26%, the Pension Reserve Fund will have 10%, the Restitution Fund will have 5% and other funds will have 18.29% of the shares.
Dow rallies 200 points as Apple gain offsets big Boeing decline, Europe rallies ahead of crucial Brexit vote, Deutsche Bank, Commerzbank rise on merger reports
Stocks rose on Monday as strong gains in tech shares like Apple and Facebook offset a steep decline in Boeing. The Dow Jones Industrial Average closed 200.64 points higher at 25,650.88 after falling more than 200 points. The S&P 500 gained 1.47 percent to end the day at 2,783.30, led by a 2.17 percent jump in the tech sector. The Nasdaq Composite advanced 2.02 percent to 7,558.06. The indexes also snapped a five-day losing streak.
Boeing fell 5.3 percent after a plane crash on Sunday that involved the 737 MAX 8 jet. This is the second crash in less than six months involving that model. Boeing’s decline shaved off more than 150 points from the Dow given the index’s price-weighted nature and the stock’s high price relative to other Dow components.
However, Apple shares rose 3.47 percent — offsetting some Boeing’s losses — after Bank of America Merrill Lynch upgraded the stock to buy from neutral. Bank of America noted the company’s recent pullback presents “opportunity. ” The bank also raised its 12-month price target to $210 per share from $180.
Facebook gained 1.46 percent after Nomura Instinet upgraded it to buy from neutral. In a note to clients, analyst Mark Kelley said consumers are transitioning to Facebook’s Stories format and its increased focus on messaging. Kelley also hiked his price target to $215 per share from $172. Tech shares also got a boost after Nvidia announced it is buying Mellanox Technologies for $6.8 billion. Nvidia rose more than 6.97 percent while Mellanox surged 7.78 percent.
European stocks rallied Monday as traders looked ahead to a crucial vote in the U.K. that will determine whether the country’s Brexit deal will be approved. The pan-European Stoxx 600 index closed provisionally up by 0.76 percent with almost every sector in the black.
Banks were in the spotlight with the sector trading 1.5 percent higher. Commerzbank rose to the top of the benchmark, up over 7 percent. This was as Deutsche Bank reportedly agreed to hold merger talks with its rival after CEO Christian Sewing dropped his opposition to the deal. According to several media reports over the weekend, Sewing was forced to reconsider his stance following investor pressure over the bank’s declining performance.