Market News

– Today, IRR 30,000 bn (cUSD 670.39 mn) worth of Sukuk Intifa’a offered to the public on Iran Fara Bourse. These securities have a nominal yield of 20% with semi-annual coupon payments and will be matured in 48 months. “SF1Q1” is to finance the administration for the repayment (principal and interest) of previously issued securities in 2017/18 with regards to the Budget Bill.

– Continuing the privatization process of Iranian state-owned companies, today the shares of Isfahan Steel Co. and Iran Aluminum Co. has been offered to the public. 19.53% of “ALIR1” at IRR 2,000 and 16.67% of “ZOBZ1” at IRR 750 a piece divested by Iran Privatization Organization on Tehran Stock Exchange and Iran Fara Bourse Respectively.

– The governor of the Central Bank of Iran announced that banking relations between Iranian banks and their foreign counterparts after the JCPOA was hit has reached to a significant level, despite the restrictions posed by the US administration. In another note, he also stressed that although higher levels of cooperation and correspondent relations is required to implement the forex unification plan, they are still determined to do so irrespective of the recent fluctuations in this market and are planning to reduce the number of goods eligible to get currency at official rates to tackle the dual forex regime more efficiently and quickly.

In the Market

Equities continued the week with a considerable failure on today’s session, losing more on their depressing recent performance The TEDPIX (-0.20) led the red rally while the IFEX (-0.07%) stood near its flat line.

Early in the session, a few symbols like Iran Tractor Casting and Iran Radiator in the Automotive group were highly demanded while the rest went through heavy sales pressure; however, the said names could not hold their gains through the closing bell. Iran Khodro plans to send 300 Peugeot 405 to Iraq by the end of the current Persian calendar year, despite the imposition of tariffs on car import by the Iraqi government; talks are underway to reduce them, though.

The drop in global zinc prices affected zinc-based companies like Calcimine, in the Metals space, dragging it to -4% early in the session. Zangan Zinc Industries and Iran Lead and Zinc also lost more than 4%. 19.53% of Iran Aluminum, equal to 1,015,536,387 shares, were divested by the Privatization Company to Steel Employee Pension Fund with each share priced at IRR 2,000.

The Iron Ore space also witnessed decline with Bafq Mined and Bama closing with sell queues.

A rather balanced trade dominated the Oil Products group with the global oil prices dropping; Lavan Oil Refining ticker returned to the market at IRR 14,189 going up more than 1%.

Source:

2018, State-backed Sukuk Intifa’a offers on Iran Fara Bourse!, Tursday, March 6, p.1,<https://agahgroup.com>