Sale of Abandoned Cement Factory Spurs Trading Frenzy in AfyonBy
Daily volume of shares exchanged soars to record 126 million
Afyon Cimento’s stock advances 34 percent in two-day rally
Never before has Afyon Cimento Sanayi TAS been this popular with traders.
About 126 million shares had changed hands on Tuesday by the time trading closed in Istanbul, a record for the company and about 50 percent more than the nearest contender on the Borsa Istanbul 100 Index. The stock’s price soared 12 percent, bringing its two-day jump to 34 percent, the most in more than a year.
Interest in the company, whose annual profit has never exceeded 23 million liras ($7.6 million), rose after the board approved the sale of a property that used to house a cement factory. The spike in trading on Tuesday was more than 32 times the equity’s 100-day average. The last surge in volumes was in October 2015, when the company rallied 31 percent over two days.
“The market seems to betting on a quick sale, which will bring cash flow to the company,” said Umur Acikalin, an analyst at BGC Partners Inc. in Istanbul. “Because there isn’t clear information on the value of the sale at this point, investors are making their own assumptions and putting their money in this stock accordingly.”
Afyon Cimento climbed to 8.44 liras, the highest level since July 2015. The equity was the biggest gainer on a percentage basis in the Borsa Istanbul 100.