Economy, Business And Markets

Stocks Get Boost on Oil Upturn

Stocks Get Boost on Oil UpturnStocks Get Boost on Oil Upturn

Tehran Stock Exchange's main index TEDPIX gained 312.40 points or 0.41% to end at 76,292.9 on Tuesday. Oil and mining companies' considerable gains were the main driving force behind the benchmark's growth.

Over 1 billion shares valued at $65.8 million were transacted for the day, posting a slight decline compared to Monday.

Tidewater Middle East Company led the market and its shares jumped 4.99% to 4,104 each. It was followed by Dana Insurance and Pars Shahab Company.           

Saipa Azin Company filed the biggest losses as it went down 4.97% to 1,280 rials per share, tailed closely by Iran Credit Investment Company and Pegah Company.

Bandar Abbas Oil Refining Company provided the biggest boost to TEDPIX by gaining 4.83% to 4,927 rials per share. Esfahan Oil Refining Company and Chadormalu Mining and Industrial Company came next.

The TSE-listed oil companies’ outperformance comes as crude oil has reached new highs in 2016. Global stocks extended gains on Tuesday, as crude prices continued to climb past fresh highs for the year.

Brent was last up 0.9% at $49.52 a barrel, boosted by global supply outages in Canada, Nigeria and Libya, and a note from Goldman Sachs on Monday stating the glut of oil turned into a deficit.

IKCO, Iran’s largest auto manufacturer, had weighed most on the benchmark as it lost 2.74% to 3,479 rials per share. Islamic Republic of Iran Shipping Lines Company and Mobarakeh Steel Company were the next laggards.

The Price Index added 117.50 points or 0.41% to close at 28,702.8. The First Market Index won 310.10 points or 0.59% to post 53,305.7. The Second Market Index was up 139.40 points or 0.08% to reach 167,306.4. The Industry Index gained 267.60 points or 0.42% to settle at 63,703.7. The Free Float Index scored 330.43 points or 0.39% to register 84,625. The TSE 30 Index inched up 6.30 points or 0.20% to hit 3,127.5, while the TSE 50 Index rose 10.60 points or 0.35% to finish at 3,056.3.

  IFX Extends Winning Momentum

Iran Fara Bourse’s main index IFX gained 3.69 points or 0.46% to close at 804.83.

Over 340 million securities valued at $46.4 million changed hands in 40,000 transactions. Daily trade value was down by nearly $10 million compared to Monday.

With the trading of 125.5 million shares valued at $11.2 million, Esfahan Steel Company recorded the highest number of traded shares and daily trade value.

Tabas Coal Company, Day Insurance and Tuka Paint Company showed the highest increase in share value. Yazd Alloy Steel Company, Pasargad Insurance and Hormozgan Steel Company posted the highest declines.

Bank Day, Tehran Housing Investment Company and Iran Cultural Heritage and Tourism Investment Group were on the investors’ radar. Lavan, Shiraz and Pasargad oil refining companies provided the biggest boosts to IFX.

Etemad Fund recorded the highest trade volume among exchange-traded funds with the transaction of 3 million shares.