Turkey Stocks: Erdemir, Garanti, Migros, Sabanci, TAV, Zorlu
Turkey’s benchmark ISE National 100 Index (XU100) gained 2.1 percent to 56,616.81 at the close in Istanbul, the biggest gain in a month.
The following stocks were active.
Eregli Demir & Celik Fabrikalari TAS (EREGL TI), Turkey’s largest steel producer, gained 4.4 percent to 3.81 liras, the highest close since Aug. 2. The company reported third-quarter earnings of 278 million liras ($158 million), tripling estimates, in a statement to the exchange after the close yesterday.
Haci Omer Sabanci Holding AS (SAHOL) , Turkey’s second- largest group of companies, gained 1.7 percent to 6.10 liras, the steepest increase in almost a week. Enerjisa, owned by Sabanci and Verbund AG, is in talks to buy a power grid on the Asian coast of Istanbul that the government is offering as part of a state asset sales program, Verbund’s chief executive said today in Vienna.
Migros Ticaret AS (MGROS) , a supermarket chain, jumped the most since Jan. 26, gaining 9.7 percent to 16.45 liras, after Citigroup Inc. initiated coverage of the stock with a “buy” rating, saying the share price doesn’t reflect the company’s “superior cash flow generation,” strong positioning and “improving margin outlook.”
TAV Havalimanlari Holding AS (TAVHL) , an airport operator, gained 2 percent to 8.38 liras, the highest since June 21. The company reported third-quarter profit jumped to 90.1 million liras, exceeding estimates.
Turkiye Garanti Bankasi AS (GARAN) , Turkey’s largest bank by market value, gained 3.6 percent to 6.36 liras, erasing yesterday’s losses, after the central bank cut reserve requirements, freeing up more capital for lending.
Zorlu Enerji Elektrik Uretim AS (ZOREN) , a utility, gained 2.3 percent to 1.77 liras, its biggest gain in five weeks, after saying it got a $111 million loan for a wind-power project in Pakistan.
To contact the reporter on this story: Benjamin Harvey in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com