Hopes of positive company outcomes push ASE up

Amman Stock Exchange
AMMAN — Optimism of the profitability of many blue-chip shares in the first quarter dominated Amman Stock Exchange’s (ASE) Tuesday session, pushing up the index by 0,84 percent, to close at 1,793.82 points.اضافة اعلان

For the secod consecutive day, mining shares surged to the highest permitted trading levels, with the share price of the Arab Potash Company closing at JD22.99 per share, and the share price of the Jordan Phosphate Mines Company closing at JD8.79 per share.

At the sector level, the industrial index increased by 2.57 percent, the services index increased by 0.59 percent, and the financial index increased by 0.41 percent.

The share prices of some banks also rose at varying levels, but the performance of Capital Bank’s shares stood out during Tuesday’s trading session, as its shares dropped Sunday following its general assembly’s approval of the distribution of cash dividends constituting 12 percent of capital, but bounced back Tuesday to the highest permitted trading levels, closing at JD1.38 per share.

Capital Bank Group and Audi Bank have previously announced signing the final agreements for Capital Bank’s acquisition of the operations of Audi Bank’s branches in Jordan, as well as Capital Bank subsidiary the National Bank of Iraq’s acquisition of Audi Bank’s operations in Iraq branches. This included acquisition of these branches’ assets and liabilities.

By the end of July 2020, the assets of Audi Bank in Jordan stood at JD506 million, while its assets in Iraq amounted to 275 billion Iraqi dinar. Hence, this acquisition will increase the value of Capital Bank Group’s assets to reach JD3.6 billion, and raise the financial value of the group’s shareholders to more than JD400 million.

Capital Bank owns the majority of the National Bank of Iraq’s capital, which now consists of 18 branches as of the acquisition of Audi Bank’s branches.

Total trading value for Tuesday reached JD7.0 million, with 7.2 million shares traded through 2,997 transactions.

The shares of 92 companies were traded, of which the shares prices of 40 companies rose, and the shares prices of 28 declined.

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