Iron Ore trades reaches new highs on Iran Mercantile Exchange!
– “Total amount of traded Iron Ore reached 924,000 metric tonnes YTD on Iran Mercantile Exchange with a whole value of IRR 880 bn.” said Hamed Soltani Nejad the CEO of Iran Mercantile Exchange. He continued: 90% of Iran’s exports were shipped to China over the current fiscal year, although the lower demand on the foreign side made Iran’s shipments to feel some constraints.
– On the last Fiqh committee of Iran Stock Exchange, new type of securities proposed to diverse the Iranian capital market. According to the meeting minute, the committee approved the basics of foreign exchange denominated Sukuks Musharaka, Sukuk Murabaha, Sukuk Ijarah and Islamic Treasury Bills issuance and published the related bylaw for the practical steps to be taken.
– Zagros meat and dairy Co. (ZMMZ1) is to be offer publicly on Iran Fara Bourse soon. The company’s profit is recorded at IRR 16 bn which is projected to reach IRR 38 bn for the next fiscal year. The forecast EPS of the dairy maker is set to be IRR 482 for the current FY from which a figure of IRR 206 (42%) has been realized until today. ZMMZ1 filed for IRR 110 bn bank facilities; 30 bn at 10% from National Development Fund and the rest at max 18% from banking system. The company is going to offer 20% of its shares on IFB.
Coasting into deep green!
In the Market
Today’s trading session for the stock market was a favorable one and that’s exactly how most market participants probably hoped it would be. There were fireworks after the global hikes in commodity prices and the market continued its green phase for the second consecutive day. The major indices surged again thanks to Oil related sectors. TEDPIX (+0.74%) jumped to a new record high entering the 97,000 channel. IFEX (+0.26%) settled higher as well and stood on 1,095.40 level.
The hikes in Metals (+0.41%) and Iron Ores (+1.02%) were not driven by any notable domestic news, yet the rise itself was the news. The fresh liquidity finally comes into sector and global metal prices like copper fed the bonfire as well. Major tickers in Metals traded in huge, yet predictable, chunks. National Copper Industries (MSMI1, +0.53%, IRR 2,479) changed hands for 23 mn and Isfahan Mubaraka Steel (FOLD1, +0.57%, IRR, 3,014) stabilized above its previous lines.
However, the best-performing sector was indeed Oil Products (+3.19%). Almost all of the sector tickers ended the day with huge demands and higher than expected traded volume. Tehran Oil Refinery (PTEH1, +4.55%, IRR 4,202) stamped the second most positive points on overall index (+73.19) with more than 32 mn traded shares. Isfanan (PNES1, +2.79%, IRR 4,903) and Bandar Abbas (PNES1, +2.66%, IRR 7,256) Oil Refineries followed the trend as well with lower volumes.
Generally speaking, the stock market is entering a deep bullish trend.The massive supports from big institutions along with the new monies comes into market from the individual side herald for a better and more dynamic market.
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