Turkish Equity Movers: Aksigorta, Gubre, Kardemir, Tofas Move
Turkey’s benchmark ISE National 100 Index (XU100) gained 748.38, or 1.2 percent, to 64,530.05 at the 5:30 p.m. close in Istanbul, rising for a fifth day, the longest winning streak this year.
The following stocks were active. Symbols are in parentheses.
Aksigorta AS (AKGRT) , the Turkish insurer in which Ageas agreed to buy a 31 percent stake last month, declined 3 kurus, or 1.5 percent, to 1.94 liras, dropping for the second day. The company said full-year profit slid 96 percent to 1.5 million liras ($950,000), according to a filing with the Istanbul Stock Exchange after markets closed on March 11. Aksigorta was expected to earn 4.9 million liras, the average estimate of 11 analysts in a Bloomberg survey showed.
Gubre Fabrikalari TAS (GUBRF) , the Turkish fertilizer producer, gained 95 kurus, or 6.6 percent, to 15.30 liras, the biggest increase in five weeks. Gubretas expects 130.1 million liras in dividend payment from its Iranian unit Razi Petrochemical Co., it said in a filing with the exchange today.
Kardemir Karabuk Demir Celik Sanayi & Ticaret AS (KRDMD TI), a Turkish steelmaker, advanced 1 kurus, or 1.2 percent, to 0.83 liras, the highest level in almost a month. Net income was 21.1 million liras last year after a loss of 72.3 million liras in 2009, Kardemir said in a filing with the Istanbul Stock Exchange late on March 11.
Tofas Turk Otomobil Fabrikasi AS (TOASO) , the Turkish unit of Fiat SpA, rose 28 kurus, or 3.5 percent, to 8.34 liras, snapping five days of losses. The manufacturer will start exporting its Doblo van to the U.S. next year, Milliyet newspaper said today citing Fred Diaz, chief executive of Chrysler Group LLC’s Ram truck brand.
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