Market News

– With IRR 1,180 bn in the capital, 117,943,000 shares, equal to 10%, of Shafa Darou Investment (SHFA1) went public on Tehran Stock Exchange through book building method ranging at IRR4,000-IRR4,150. The company is owned by Ayande Pouya (81%), Tose’e Melli Investment Group (13%) and Tose’e Melli Investment (5%). Each investor, both individual and institutional were allowed to purchase 1,500 shares at most, whose price discovered to be IRR 4,150.

– The CEO of Iran’s Capital Market Central Asset Management Co. announced that SEO granted its principal consent on the issuance of IRR 920 bn (cUSD 20.21 mn) worth Sukuk Ijarah for a private joint-stock company, Saba Oil Construction and Engineering. These new corporate Sukuks have a nominal rate of 15% with quarterly coupon payments and will be matured in four years.

– Iran SEO granted its principal consent with regards to the issuance of IRR 1,000 bn (cUSD 22.46 mn) worth of Sukuk Intifa’a for Mahan Airlines funding its working capital needs. These securities will grant the future benefits of air charters of two airways for the period of 4 years to the buyers. New SukukIntifa’a securities have a nominal rate of 16% with quarterly coupon payments. This is the fourth time that Mahan Airline is to utilize the capacities of Iran’ Debt Market to raise fund for its activities.

– According to an official, issuance of IRR certificates of deposits item of the rescue package offered by the Central Bank of Iran (started on February 14^thfor 2 weeks) to control the foreign exchange market has managed to attract IRR 2,400 tr (cUSD 52.7 bn) of the liquidity among people.

– The Iranian National Tax Administration announced the collection of IRR 800,000 bn tax over the first 11 months of the current Persian calendar year, which accounts for 86% of the figure anticipated for this year. It shows that policies taken to lower Iran’s Economy dependence on oil revenue have been working.

In the Market

The more we approach the end of the current Persian year, the more selling pressure is felt in the market, which intensified with lower global commodity prices, has pushed many names and sectors into the red, resulting in the TEDPIX and IFEX losing -0.13% and -0.09% respectively.

Names in the Oil Products space were negatively traded with Bandar Abbas Oil Refining shedding the earliest in the session; Iranol Oil (+1.54%) was the top gainer in today’s session.

Demand saw a rise in the Metals space; zinc-based companies also saw better trades than yesterday. Names in the Iron Ore group also finished today with rather balanced trades with Iran Manganese Mines going up by 3.56%.

The majority of tickers in the Automotive industry also shed their prices with many hitting their lows. Iran Automobile Spare Parts and Irka Part San’at, however, went up the most by 2.49% and 3.51%, respectively.

Source:

2018, ‘SHFA1’ Pharmaceutical goes public on Tehran Stock Exchange!, Wednesday, March 7, p.1,<https://agahgroup.com>