Bloomberg News

Turkish Stocks: Akbank, Boyner, Nurol GYO Rise in Istanbul

February 27, 2012

Feb. 24 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index added 0.6 to 60,011.81 at 11:07 a.m. in Istanbul, paring its loss for the week to 1.8 percent.

The following stocks are active. Stock symbols are in parentheses.

Akbank TAS (AKBNK TI), the lender part-owned by Citigroup Inc., gained for the first time in five days, adding 1.5 percent to 6.80 liras. Goldman Sachs Group Inc. raised Akbank to “neutral” from “sell,” citing its strong capital position and “relative underperformance year-to-date.”

Boyner Buyuk Magazacilik AS (BOYNR TI), a department store chain, jumped 8.6 percent to 3.28 liras, heading for its highest in more than six months, after saying it signed an agreement to buy a 63 percent stake in competitor Yeni Karamursel Giyim & Ihitiyac Maddeleri Pazarlama AS, also known as YKM. The price is expected at 190 million liras ($108 million), to be partially financed with bank loans, Boyner said in a statement to the exchange.

Nurol Gayrimenkul Yatirim Ortakligi AS (NUGYO TI), a real estate development company, added 4.2 percent to 7.94 liras, poised for its highest since September. Nurol plans to demolish the Hurriyet Medya Towers it bought from Hurriyet Gazetecilik & Matbaacilik AS earlier this month and start a $330 million residential and office project on the site, according to an interview with chief executive Musa Aykac in Dunya newspaper.

--Editors: Ash Kumar, Alex Nicholson

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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