SBITOP gained 0.89% yesterday
Slovenian leading index, SBITOP started this week strong, since it gained 0.89%. Almost all names from first quotation were in green, with Intereuropa as a top gainer, with 2% jump. The most traded stock was Petrol since it delivered EUR 186ths in volume, while single looser from first quotation was Telekom Slovenije, since it lost 0.47%.
Today we will see a large inflow of company quarterly reports
Today, companies such as Harley-Davidson, Xerox, Coca-Cola, Verizon, Caterpillar, Lockheed Martin, and 3M, Texas Instruments will publish reports on their business releases for the first quarter of 2018. Most of the companies that have already published their business results for this period exceeded expectations of analyst both in terms of revenue and profits. On average, companies exceeded the expectations of analysts by more than 6 percent. The market in the USA has gained slightly more than 2 percent since the beginning of the earrings reporting period for this year’s first quarter.
Dollar getting stronger and good US macro data
Dollar continues to get stronger on the basis of the longer period of silence regarding trade relations from the White House and on inflow of good macroeconomic data from US as existing home sales unexpectedly jumped in March, factory growth was the highest since 2014 and US service sector expanded faster than expected.
IMPL: Impol Seval delivered 37% drop in FY 2017 consolidated net profit
Impol Seval (IMPL), aluminum processor, owned by Slovenian Impol, delivered RSD 757m in consolidated net profit for FY 2017, down 37% on lower profitability and drop in operating profit. The company managed to boost sales by nearly 18% y/y, to RSD 15.1bn, while most of this was exported as usual. Operating profit was down 50%, to RSD 669m, due to the fact that cost of materials grew at a faster rate vs. revenues. Consensus does not exists but we believe this may drag some negative sentiment at the stock.
Source: Belex, Ilirika
Macro-stability as goal of new arrangement with IMF
A Serbian delegation, headed by the governor of the National Bank of Serbia, Jorgovanka Tabakovic, and Serbian Minister of Finance, Dusan Vujovic, met with Tao Zhang, Deputy Managing Director of the International Monetary Fund, in Washington D.C. The topic of the meeting, held on the margins of the spring session of the IMF and the World Bank, was the analysis of the results achieved after the completion of the three-year precautionary standby arrangement that Serbia had signed with this international financial institution, and defining the elements preceding the agreements related to the new arrangement in the form of instruments of coordination of economic policies, the Ministry of Finance announced.
AERO: Syria's Cham Wings planning Damascus-Belgrade flights from June?
The Syrian airline Cham Wings wants to launch a direct Damascus-Belgrade air service beginning with June 1, 2018. The plan is to have three flights a week – Mondays, Wednesdays and Fridays, by an Airbus A320 156-seater. The company announced on its website that it would soon launch new air services, without mentioning Belgrade specifically, however, the Aviatica portal reports that a permit request has already been filed to the Civil Aviation Directorate of the Republic of Serbia and is currently being processed.