The Montenegro Stock Exchange experienced a decline in indices and a higher trading volume during the week when it was announced that Montenegro had started the year with a trend of growth across all major income categories, with a budget surplus of two million EUR in January.
The MNSE10 index, which tracks the value of the ten largest companies on the Montenegro Stock Exchange, dropped by 0.6% to 1,214.6 points, while the MONEX index saw a slight decrease to 17,981.29 points.
Trading volume reached 32.71 thousand EUR, more than 2.7 times higher than the previous week.
The Ministry of Finance reported that January’s budget revenues amounted to 156.2 million EUR, an increase of 5.2 million EUR, or 3.5%, compared to the same period last year.
“This month is characterized by dynamic economic growth and an acceleration of business activity. The budget revenue from corporate income tax in January reached 4.8 million EUR, which is 2.8 million EUR or 143.9% more than in the same month last year,” the statement said.
During this week, the shares of Luka Bar dropped by 8.8% to 36.5 cents, and Plantaže shares fell by 2.8% to 18.46 cents.
On the other hand, shares of the Hotels and Tourism Company (HTP) Vektra Boka surged by 33.3% to 20 cents, and shares of HTP Ulcinjska Rivijera rose by 8.9% to six EUR.
The shares of Hipotekarna Bank and Jugopetrol remained unchanged, holding steady at 9.3 EUR and 15 EUR, respectively.
The shares of the “Simo Milošević” Institute remained at 58 EUR. The Institute’s General Assembly approved the Restructuring Plan and selected new members for the Board of Directors during a special session.
The new Board of Directors includes Predrag Dragojlović from the Development Bank of Montenegro, Petar Rakčević and Šefik Nišić from the Vile Oliva company, Pavle Obradović from the Government, and Goran Čabarkapa from the Health Fund.
Majda Adžović, the Secretary of State in the Ministry of Spatial Planning, Urbanism, and State Property, stated that the Restructuring Plan had been updated with suggestions and comments from both majority and minority shareholders, including those with significant stakes.
Žarko Rakčević, a minority shareholder and owner of Vile Oliva, explained that overdue obligations amounting to 21.5 million EUR would be addressed through capitalization, proportionally and legally for all shareholders.
Prime Minister Milojko Spajić said that the “Simo Milošević” Institute had been saved with an 88-million-EUR investment and was finally showing good news after years of stagnation between bankruptcy and privatization. The Institute is set to see major improvements through this investment by the end of 2028.
“This restructuring plan marks a new phase in the development of this facility, which will serve as a respected rehabilitation center and be a point of pride for all employees, patients, the Municipality, and the state,” said Spajić.
The week was also marked by a boycott of stores. The organization Alternativa Crna Gora launched another online poll, calling on citizens to boycott the Idea and Aroma retail chains.
In the previous week, Voli was selected for the boycott in a similar poll, but Voli representatives stated that the retail chain is not responsible for Montenegro’s economic conditions, especially inflation, and should not be the target of citizens’ frustrations.
They also emphasized that Voli provides job security for thousands of workers and tens of thousands of people indirectly dependent on the chain for their livelihoods.
The Chamber of Commerce (PKCG) requested an urgent meeting with Prime Minister Milojko Spajić to discuss measures to address unfavorable trends in the business environment.
The Chamber stated that boycotting retail chains does not benefit consumers, who rightfully demand a better standard of living, and harms the entire Montenegrin economy. A strong economy leads to a larger budget for healthcare, education, infrastructure, and the improvement of citizens’ quality of life.
This week, the government formed a Coordinating Body for Monitoring and Analyzing Product Price Trends, headed by Minister of Economic Development Nik Gjeloshaj.
The government stated that the body’s goal is to monitor and propose measures to mitigate the effects of price increases for products critical to human health and wellbeing. As part of efforts to curb inflation and protect consumers, the government has introduced temporary measures to limit the retail and wholesale margins on 73 product categories.
