Its been a year since the release of NIS at the stock market - shares rose 45.3%

Exactly one year ago, the shares of the Oil Industry of Serbia emerged in the domestic stock market as the first paper that is listed in accordance with the Law on right to free shares and financial compensation, which was passed in late 2007. NIS appeared on Belex with the price of 505 dinars, which was the transaction price at which Gazprom Neft bought a controlling stake of the company from the Republic of Serbia.

At the time of launch in the market, NIS was still recording huge losses in business and the price of these securities registered a decline in value, while the larger correction was prevented by a contractual obligation of Gazprom for the purchase of shares of all minority shareholders. The public auction was organized during February and March this year when the majority owner of the NIS gained an additional 5.15 percent of shares at a price of 506.5 dinars apiece.

At the same time, NIS has released an excellent operating result for 2010 (net profit of 16.7 billion dinars), which together with an excellent first quarter was the main reason for the sharp rise in the price of this stock. Yesterday trading NIS ended at the level of 734 dinars, an increase of 45.3 percent since the start of trading.