SLOVENIA
Petrol reports slightly higher Q1 profit
Slovenian energy company Petrol saw its sales revenue grow by 19% year-year to EUR 1.4 billion in the first quarter of the year, while net profit rose by 2% to EUR 18.2 million.
Source: STA
Abanka to pay our EUR 66.7m in dividends before privatisation
The state-owned bank Abanka will pay out EUR 66.7 million in dividends or roughly three-quarters of the total distributable profit to the state as the only shareholder just before privatisation. The state will get roughly EUR 11.1 million of the sum in the form of Abanka's shares in the insurer Sava Re.
Source: STA
INTERNATIONAL MARKETS
Dow jumps more than 200 points, posts 3-day winning streak, boosted by bank shares and Walmart; European stocks close higher as trade fears fade
Stocks rose on Thursday as sentiment was boosted by strong earnings from Walmart and Cisco Systems while banks climbed on higher rates. The Dow Jones Industrial Average traded 193 points higher as Walmart and Cisco outperformed. The S&P 500 gained 0.8% while the Nasdaq Composite advanced 0.9%. Walmart shares rose 2.5% after the retailer posted first-quarter earnings for fiscal 2020 that topped analyst expectations. The company said it is in a “good position” to meet its goals for 2019 despite tough comparisons for the second quarter. Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.9%. The company issued stronger-than-forecast revenue guidance as well. Shares of Citigroup, J.P. Morgan Chase, Bank of America, Morgan Stanley and Goldman Sachs all gained more than 1%. Banks rose as the benchmark 10-year Treasury yield climbed back above 2.4% on stronger-than-forecast data. Housing starts for April topped expectations while weekly jobless claims dropped more than expected. European stocks traded higher Thursday as markets recovered from an early rattle caused by U.S. President Donald Trump’s renewed targeting of Chinese tech firm Huawei. The pan-European STOXX 600 hit a day high just around the close of trade. The STOXX 600 closed provisionally up by around 1.2%, Chemicals leading the gains with a 2.54% climb, while autos struggled to make headway, slipping 0.6%. Thyssenkrupp was the strongest performer, its stock rising 10.03% on reports that Finland’s Kone is assessing the viability of a bid for the German industrial company’s elevators division. Kone shares traded 4.98% higher. In corporate news, Italian insurer Generali reported first-quarter net profit of 744 million euros ($833.8 million), a 28% rise, boosted by growing operating results and sales of businesses. The company’s shares traded around 0.4% lower.
Source: CNBC
SERBIA
Price of electricity not to increase yet
Since last week, when the delegation of the International Monetary Fund (IMF) arrived to Belgrade, the media have been speculating that one of the recommendations will be to increase the price of electricity by 5%. The World Bank's analysis has confirmed that Serbia has the cheapest electricity in Europe. As RTS says, there has been no discussion about increasing the price per kilowatt in the negotiations between the IMF and the Government yet, and EPS has not filed a request for a price increase either. The arrangement with the IMF is of advisory character, the talks will take two weeks and there is still the possibility of recommending to EPS to increase the price of electricity within the continuation of reforms.
Source: Ekapija
NBS FX reserves at 11.33 bln euros in April, up by 906 mln
Gross National Bank of Serbia (NBS) FX reserves amounted to 11.336 bln euros at the end of April 2019, rising by as much as 906.4 mln euros y-o-y, NBS said. The FX reserves covered 178 pct of the money supply (M1) ""or more than five months’ worth of the country’s imports of goods and services (almost twice the level prescribed by the standard on the adequate level of coverage of the imports of goods and services by FX reserves).
Source: Tanjug
Serbian Q1 2019 exports up 10.4%
Serbia's exports in Q1 2019 were 10.4 pct up, rising more than had been planned for the entire year, Milan Trajkovic, deputy head of the National Bank of Serbia (NBS) Economic Research and Statistics Department, said Wednesday. Asked by reporters to comment on the European Commission's decision to revise downward its 3.5 pct GDP growth forecast for Serbia for this year to 3.1 pct due to a slowdown of Serbia's major trade partners, Trajkovic said the main reason for this was an EC estimate that Serbian exports would slow down in 2019.
Source: Tanjug
