Market News

-Referring to Iran’s full compliance with its commitments as confirmed by the IAEA, the European Union Foreign Policy Chief reported that they are determined to make sure that all other parties, as well, stay committed to the implementation of the JCPOA. Considering the probable talks and negotiations taking place with North Korea, she also stressed on respecting the agency credibility. In this regard, President of France and German Chancellor are to pay a visit to Washington this month before May 12^th, to discuss the deal’s implementation.

-According to the Chief of Central Insurance of Iran, on the sidelines of the FINEX 2018, which opened on Monday, the insurance sector turnover has surpassed IRR 5,000,000 bn over 2017/18; insurance premiums and life insurance policies have experienced 21% and 30% growth, respectively, which promises an efficient presence in financial markets; the industry’s penetration ratio has risen to 2.3%.

In the Market

Standing at the 95,500-point level, the 1-year bullish trend of the TEDPIX has been broken; if it reaches the 91,000-point level, it will be on its 2.5-year ascending line.

With oil prices increased mostly after concerns raised due to tensions in the Middle East, a rather positive momentum was detected in the Oil Productsspace early in the session, putting Shiraz Oil Refining as the top gainer (+3.5%), although it could not hold its gains until the end.

Except from a few settling in the green with small gains, the majority of names in the Chemicals group ended today’s session with slim losses. As one of the promising shares in this space, Zagros Petrochemical is currently priced around IRR 33,000; its previous EPS is estimated to hover around IRR 8,000, all of which is expected to be distributed in its AGM (based on the company’s DPS policies). Besides, in the current year, putting methanol and USD prices at $320 and IRR 46,000, respectively, the company might make IRR 6,410 EPS. With all being said, it is possible that the share price hits around IRR 25,000 after its AGM, which will put its P/E at around 4.

While starting strong, the Automotive space failed to keep that positive sentiment through the closing bell. Mehvarsazan-e Iran Khodro was the top gainer going up by 4%.

The Iron Ore space witnessed low volume trades with Bafq Mines facing a buy queue early in the session. Except from Iran Manganese (-4.7%), other names settled with balanced trades.

More positive behavior was seen among names in the Metals group influenced by price growth in global markets.

Source:

2018, Iran’s Full Commitment to its End of the Deal Confirmed Again, Tuesday, April 17, p.1,<https://agahgroup.com>