Saffron to be on Iran Mercantile Exchange!
Market News
– Saffron Certificate of Deposit is now listed on CSDI’s post trade system, according to Iran Mercantile Exchange officials and the inventory of “Razavi Khorasan” province has been offered on the exchange so far. It is hoped that by bringing the red gold to the capital markets, hardships of the industry come to and end. During the past decade Saffron sales were mainly carried out in retail and international trades of the commodity were faced with challenges.
– Today “Persian Gulf investment Company” was listed on Iran Fara Bourse and now is on the new IPOs wishlist. The IRR 2,500 bn company, with a projected EPS of IRR 146 for current fiscal year, is focused on providing professional installation and transpiration services, XPS hard foams production and the trades of super heavy lifters.
– “The administration is to launch two major schemes reviving the financial framework of the nation” Said Muhammad Baqer Nobakht the chair of “Management and Plan” organisation of Iran. The settlement of money market via the capital market and focusing on development instead of economical growth are supposed to be the “saving angels” of Iran Economy.
Corporate Earnings
– Tamin Petrochemical (PTAP1) adjust the EPS forecasts of May 2017 FY. Relevant to the financials, the projected earning is now go for IRR 290, a 26% growth contrary to the previous figures, yet the company made a loss of IRR 35 per share for the period ended in November 2016.
A bumpy road for Tehran Stock Exchange!
In the Market
TSE indices closed the day on a mild upbeat note, climbing to fresh highs for the fifth consecutive day. TEDPIX (76,827.70, +0.01%) led the advance while the IFEX (834.96, -0.02%) finished just behind.
The optimism on Metals and Ores surrounded today’s session had its roots in global commodities ascending trend. Hikes in copper and iron prices made the related industries to face the investors grace. Although the National Copper Industries was not able to hold the other day’s position and traded below its flat line, yet other metal giants compensated for the sector. Near 18.3 mn shares of Isfahan Mubaraka Steel changed hands on Sunday’s affair to be the share with most positive influence on the index (+37.52 points) and the ticker closed at IRR 1,388 (+1.54%).
Elsewhere following the release of their quarterly reports, the Iron Ores outperformed with the Gol-e-Gohar (GOLG1, +1.01%) and Chadormalou (CHML1, +2.25%) being the leaders. Earnings reports lived up to lofty expectations of future commodities prices that accompanied companeis gain in the fourth quarter.
Finally, Banking did not share the good fortune of investors tendency to buy . After a plunge of near 30% on average, it seems that the sector is suffering from lack of liquidity and sentiment towards. Needless to say the critical conditions of their balance sheet, made the industry future a bit foggy.
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