Iran SME Market to host a newcomer through Agah Group!
Market News
– Just the other day, Ekbatan Gas (EGCS1) Co. got listed on Iran Fara Bourse to be the 17th Iranian company on Iran SME Market waiting for its IPO. The firm is one the largest safety and measurement equipment producers of the industry and is affiliated with Oil Industry Investment Co. EGCS1 has a pre-IPO market cap of IRR 100 bn (cUSD 2.20 mn). Agah Group is the sole advisor on the IPO process and will act as the reception agent and issuing broker preparing the requirements of listing this potent company on Iran SME Market.
– Iranian parliament finally granted the administration to issue IRR 100,000 bn (cUSD 2,197.8 mn) worth of Islamic Treasury Bills with maturities of one year or less to continue the payment streams of national treasury. Moreover, Iranian law makers approved the bill in which government asked to issue IRR 30,000 bn (cUSD 659 mn) worth of Sukuk Musharaka for repayment of the principal and the interest of to be matured securities over 2018/19. In this vein, today a new issue of ITBs has been offered to public on Iran Fara Bourse worth IRR 10,374.03 bn (cUSD 228 mn). TB221 securities will be matured in 2 years and priced today at IRR 741,197 which made the YTM and BEY 16.88% and 15.70% respectively.
– The 5th stage of Bank Mellat’s CoDs (Certificate of Deposits) auction will be held from tomorrow for 5 consecutive business days. These securities worth IRR 15,000 bn (cUSD 329.7 mn) with a nominal yield of 16% per annum and have monthly coupon payments. The redemption rate before maturity goes for 14%.
Tehran Stock Exchange gets Back Small Chunk of Previous Loses!
In the Market
The stock market just had a relatively good day. The TEDPIX index ended the day with a narrow 0.9% win, and the IFEX Composite rose for 0.26%. Equities opened today’s session with relative gains and extended those advances throughout the session, finishing at session highs.
The mid-weighted Utility sector (-0.87%) had a rough outing, with its giants Mobin (MOBN1, IRR 4,680), Mapna Electricity (BMAZ1, IRR 13,700), and Damavand Powerhouse (BDMZ1, IRR 7,226) losing between 0.95% and 1.86%. Hoor Taban Energy (HORZ1, IRR 1,387) on the other hand showed strength on Iran Fara Bourse and jumped for +3.66%.
On a positive note, the top weighted Chemical sector (0.01%) ended the day near flat line despite its mega sized components advances. Jam Petrochemical (PJMZ1, IRR 10,534) traded for more than 8 mn shares on green territory to make the closing on +1.36% stamped the highest positive points on TSE main index.
Finally, after days of price correction, investors finally showed some interest in Oil Products (+0.65%) sector. Trades were solid over the industry and growing global oil price is the main catalysts behind the trend. Companies of the sector ensuring the future profitability one after one by their monthly reports. Bandar Abbas Oil Refinery (PNBA1, IRR 6,941) was the leader in said rise with 28.37 positive points on the index.
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