Turkish Stocks: Aygaz, Bizim Toptan, Fenerbahce Move in Istanbul

Turkey’s benchmark ISE National 100 Index (XU100) gained 1.2 percent to 60,677.81 at the close in Istanbul, increasing for a second day as Fitch Ratings said Turkey’s fundamentals give it potential for an upgrade to investment grade.

The following shares were active. Stock symbols are in parentheses.

Aygaz AS (AYGAZ) , a liquefied gas company, fell 1 percent to 8.20 liras after Turkey’s asset sales agency said it will cancel the auction of the Ankara gas grid, for which Aygaz was among the bidders, because bidders failed to meet the government’s price requirement of $626 million.

Bizim Toptan Satis Magazalari AS (BIZIM) , a Turkish chain of wholesale stores, jumped 5.6 percent to 26.30 liras, adding the most in almost 15 months, after saying first-quarter revenue rose 18 percent to 429.2 million liras ($242.9 million). Volume of shares traded today at 425,775 was 245 percent of the stock’s three-month average.

Fenerbahce Sportif Hizmetler Sanayi & Ticaret AS (FENER) , the merchandising arm for Istanbul’s Fenerbahce soccer club, surged 13 percent to 59.50 liras, the highest level since July, after Vatan newspaper reported an ethics commission found no evidence the soccer club’s jailed president Aziz Yildirim was involved in a bribery scandal. The volume of shares traded was 2.55 million, more than quadruple the stock’s three-month average.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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