BAKU, Azerbaijan, Feb. 29
By Elnur Baghishov - Trend:
The value of shares of Iranian mining companies has increased by 12 percent on a weekly basis, Trend reports referring to the Iranian Mines and Mining Industries Development and Renovation (IMIDRO).
“The value of the shares of 84 Iranian mining companies has exceeded 5.6 quadrillion rials (about $134 billion),” IMIDRO said. “The value of the shares of mining companies has increased by 607 trillion rials (about $14.4 billion) over the past week (Saturday is the first day of the week in Iran). This figure reached 24.7 percent of the total value on the Tehran stock exchange.”
“The reasons for the increase in the value of shares of Iranian mining companies by the end of the year (March 21, 2020) are the continued growth in demand in the mining sector, the expectation of the normalization of the prices for mining materials, an increase in production volume in this sector,” IMIDRO said.
An increase in the number of shares was observed in Iran’s Mobarakeh Steel Company and the National Iranian Copper Industries Company.
For the first time, the value of the shares of Mobarakeh Steel Company reached 1 quadrillion rials (about $23.8 billion).