US President Biden’s push to release roughly 1 million barrels of oil a day from US reserves for several months in order to help bring down oil prices and asking IEA to coordinate a global release by other countries as well pushed Brent prices by 4%.
This is what Turkey needs as the energy bill continues to drain reserves. The momentum of domestic stocks continues to be strong with aviation and banks leading the rally, while commodity names are taking a breather. We like the banks, food retailers, Erdemir, Kardemir and Tupras going into 1Q results.
Company news:
*CIMSA TI> goes ex-dividend today, paying TL1.48/shr (4.10% div. yield) The reference price for today is TL 34,599.
*ARCLK TI> bought back 225K shares at an average price of TL57.50 on 30 March 2022. Since 02 July 2021, the total number of shares bought back reached 56.8mn at an average price of TL40.34.
Weekly Agenda:
March, 31: February Trade Balance( Consensus -US$8.1bn, January -US$10.3bn)
March, 31: CIMSA TL 1.48/share cash dividend payment
April, 1: SAHOL TL 0.75/share cash dividend payment
April, 4: March CPI ( Ata estimate 4.7% m/m, 60% y/y)
April, 4: KORDS TL 0.82/share cash dividend payment