Montenegro’s stock market showed mixed trends and modest trading volumes this week, following Standard & Poor’s confirmation of the country’s stable credit rating. The MNSE10 index, tracking the ten largest companies, fell 1.4 percent to 1,141.61 points, while the MONEX index rose 0.8 percent to 18,144.02 points. Total trading amounted to 35,430 euros, 32.7 percent higher than the previous week.
S&P maintained Montenegro’s B+ rating with stable outlooks, noting potential for improvement if fiscal results strengthen, economic growth accelerates, and external financial positions improve. The Ministry of Finance reaffirmed its commitment to macroeconomic stability, competitiveness, and further integration into European and global markets.
On the Montenegroberza, shares of Željeznička Infrastruktura (ŽICG) rose 43.4 percent to 11.4 cents, Crnogorski Elektroprenosni Sistem (CGES) gained 3.4 percent to 1.2 euros, and Hotelska Grupa Budvanska Rivijera increased 2.7 percent to 7.7 euros. Conversely, Sveti Stefan Hotels fell 9 percent, Elektroprivreda (EPCG) 6 percent, Jugopetrol 1.8 percent, Crnogorski Telekom 1.7 percent, and Port of Adria 4.6 percent.
EPCG’s president, Milutin Đukanović, highlighted that recent projects have aligned the company with European standards, but future stability will depend on new investments in renewable energy. EPCG is still evaluating the future use of the Čeličana and Kovačnica plants after terminating a contract with Swiss company 8B Capital.
In the aviation sector, the Concessions Commission partially accepted a complaint from Corporacion America Airports (CAAP) regarding the ranking of bidders for Podgorica and Tivat airports. South Korea’s Incheon International Airport Corporation (IIAC) was selected as the top bidder, while CAAP ranked second and plans to appeal the decision in administrative court.
The Tax Administration reported gross revenue collection of 1.1 billion euros in the first eight months of 2025, up 2.5 million euros from the previous year, with the most significant growth in value-added tax (VAT), which reached 361 million euros, a 21 percent increase.
