Articles
Neutral, dated analysis and explainers across Iran’s markets.
Mobarakeh Steel closed at its highest since 18 January 2026 after 103 sessions without a trade, on the day Tehran's index closed red (Monday, 14 September 2026)
FOLD (Mobarakeh Steel of Isfahan) recorded its highest closing price since 18 January 2026 on Monday, 14 September 2026. Between those two dates lie 103 trading sessions in which the symbol did not trade at all: partly the roughly 80-day interruption of the whole exchange, partly the suspension of the symbol itself, which ended on 8 August 2026. It happened in a session where Tehran's main index closed red and retail investors were net sellers of this very symbol.
Sita's AGM voted out 96.58 percent of the profit for the year to 21 May 2026; the share has closed at its 3 percent daily cap in all four sessions since it reopened and ended 13 September in a 28 million share buy queue
Sita's annual general meeting approved a cash dividend of 4,155 rials per share on Sunday 6 September 2026, equal to 96.58 percent of its 4,302 rial earnings per share and 9,141 billion tomans in total. The symbol reopened on 8 September after a three session halt and has closed at the 3 percent daily cap in every session since; on 13 September it finished at 29,880 rials with a buy queue of 28,045,626 shares and no supply on the board.
Tehran's TEDPIX Rose 184,041 Points to 6,907,617 on Monday, September 7, 2026; Only 3 of 366 Bourse Symbols Closed Red
The Tehran Stock Exchange's main index (TEDPIX) closed on Monday, September 7, 2026 (16 Shahrivar 1405) at 6,907,617 points, up 184,041 points or 2.74 percent. A Sahmino screen across 366 Tehran bourse equity and rights symbols at that same close shows 362 closed higher and only 3 closed lower, each of the three by less than half a percentage point. Another 103 symbols closed at a gain of 2.99 percent or more, and the largest single gain recorded on the day was 3 percent.
Sports Ministry Fully Exits Esteghlal Football Club's Shareholder Register; Its 3.1% Stake Lands at a Persian Gulf Financial Group as the Stock Hits an Eight-Month High (Wednesday, September 2, 2026)
Iran's Ministry of Sport and Youth completely exited Esteghlal Football Club's shareholder register on September 2, 2026 (11 Shahrivar 1405), according to Tehran Stock Exchange records. The 3.1 percent stake (334,525,650 shares) the Privatization Organization had announced for sale a month earlier landed at Persian Gulf Capital Pioneers Financial Group. The same day, Esteghlal's closing price hit its highest level since January 7, 2026, its fifth straight gaining session.
Tehran's TEDPIX Falls 1.21% Today, Wednesday, Ending a Rally of At Least 19 Straight Gaining Sessions (September 2, 2026)
TEDPIX, which had climbed without a single losing session from August 3 to a record 6,583,932 points yesterday, fell 1.21% (about 80,000 points) today, Wednesday, September 2, 2026, to close at 6,503,970, alongside 5.7 trillion tomans of retail outflows.
Kian Financial Group's Stock Is Up 465% in a Year, Hit a 12-Month Record on Saturday; Its 180% Capital Increase Diluted No One
Kiana, the Tehran-listed ticker for Kian Financial Group, closed at 8,110 rials on Monday, August 31, 2026, up 465% from 1,435 rials a year earlier on September 2, 2025. Two days earlier, on Saturday, August 29, the stock closed at a 12-month record of 8,160 rials, two weeks after shareholders approved a 180% capital increase funded entirely from retained earnings, which does not dilute holders. Only 9% of the stock's shares are free-floating.
Iran Radiator Hits Second Straight One-Year High on Tehran Stock Exchange After 36% Sapco Rate Hike Worth 103.5 Billion Tomans in Revenue (Wednesday, August 26, 2026)
Iran Radiator Manufacturing Co. (RADI) told Codal that Sapco raised its product prices 36 percent, an effect it estimates at about 103.5 billion tomans (8 percent of last year's revenue) by fiscal year end. The stock gained more than 10 percent over four sessions and today, Wednesday, August 26, 2026, closed at a fresh one-year high for the second straight session, at its daily price ceiling.
Fameli Hits a One-Year Record of 19,950 Rials on a Third Straight Rally; Its Valuation Sits in the 23rd Percentile of Its Own Sector (Wednesday, August 26, 2026)
Shares of Fameli (National Iranian Copper Industries) on the Tehran Stock Exchange rose 2.99 percent to 19,950 rials on Wednesday, August 26, 2026 (Shahrivar 4, 1405), a one-year closing high and a third straight up session. The company's trailing twelve-month net profit is up 261 percent year on year, yet Sahmino's own screen places Fameli in just the 23rd valuation percentile of its 93-member basic-metals peer group, with a P/E about 31 percent above the sector average.
Bank Tejarat Hits 20th Straight Rising Session and a 795-Billion-Toman Buy Queue, Still Trading 27% Below Book Value (Tuesday, August 25, 2026)
Bank Tejarat (وتجارت) closed Monday, August 24 at a 52-week high of 901 rials, its 20th consecutive rising session, then rose another 3% to 928 rials today, Tuesday, August 25, closing locked in a buy queue worth roughly 795 billion tomans. Yet under its audited Codal financial statement, the stock still trades about 27% below book value; it is up 59% over one month and 187% over one year.
Taban Enters IPO Threshold With a Claimed 40% Guaranteed Return; NAV at 960 Trillion Tomans, Net Profit Forecast at 24.8 Trillion Tomans for 2026/27 (Monday, August 24, 2026)
Tehran Stock Exchange hosted an introductory session on Monday, August 24, 2026 for the IPO of "Taban" (Taban Farda Petrochemical Group). Its NAV was put at 960 trillion tomans and the valuation report's estimated share price at 16,073 rials; net profit for 2026/27 is forecast at about 24.8 trillion tomans. The major shareholder claimed a 40% return guarantee for IPO buyers, a claim Mehr News Agency says still needs checking against the official offering notice.
DJBR Jumps 14.53%, Extends Winning Streak to 10 Sessions and Hits a 52-Week High; 13 Days After Bank Employees' Pension Fund Exited Its Stake (Monday, August 24, 2026)
Tehran Stock Exchange ticker DJBR (Jaber Ebne Hayyan Pharmaceutical) opened 14.53% above yesterday's close on Monday, August 24, 2026, closing at a 10th straight higher session and a 52-week high of 44,340 rials, on volume 17.8 times its 20-session average. The rally began just 13 days after the Bank Employees' Pension Fund sold its entire 16.58% stake, worth about 1,588 billion tomans, to National Investment Company of Iran (NIKI) on August 11, 2026.
Tehran Stock Exchange Notches Second Straight Record, But Sunday's Gain Shrinks to Just 0.14 Percent
TEDPIX climbed as high as 6,154,000 points in mid session trading on Sunday, August 23, 2026, notching a second straight record close, but a wave of second half selling pared the day's gain to just 0.14 percent, at 6,069,888 points. Buy queues held on only 245 symbols, and per Donya-e-Eqtesad, both real money and fixed income funds ended the day with cash flowing out.
Razak Pharmaceutical (DRZK) Has Risen About 176% Since Its June 15 Reopening, Closing Each Session Bid-Locked; Behind the Run, a Jump in Quarterly Profit and a P/E Below the Sector Average
Razak Pharmaceutical (DRZK), halted for roughly four months, has climbed nearly 176% from its June 15, 2026 reopening to August 19, closing that last session at 3,980 rials on a buy queue, with volume about five times the one-month average. Behind the run sits the interim statement for the three months to June 21, 2026, in which net profit rose more than 15-fold year over year and revenue grew 92%. Even so, the stock's P/E of about 8.8 is still below the pharmaceutical sector average.
Noosh Mazandaran and Silva, One Day, Two Different Paths Into Iran's Capital Market: A 16.34 Percent Block Sale on the Tehran Stock Exchange and a Three-Day Silver Fund Subscription (Sunday, August 16, 2026)
On Sunday, August 16, 2026 (25 Mordad 1405), the Tehran Stock Exchange is offering a 16.34 percent non-controlling management block of Noosh Mazandaran (symbol Ghanoosh, "غنوش"), a stock trading at a P/E of 33 against a 6.48 sector average. At the same time, the Iran Mercantile Exchange opens a three-day subscription for Silva, Iran's 12th silver-backed fund, worth 200 million units. Noosh Mazandaran's sale is not an IPO; only Silva's is, and that distinction is the point of this report.
Ehya Locks Limit Up for a Second Session; New Fara Bourse Listing Trades 36 Percent Above Its IPO Price (Tuesday, 20 Mordad 1405)
Ehya (FLBZ), the newest Fara Bourse listing, rose 2.98 percent to its price ceiling of 3,520 rials on Tuesday, 20 Mordad 1405 (August 11, 2026) and stayed locked in a buy queue, meaning the stock is now about 36 percent above its 2,582 rial IPO discovery price after just two sessions. Only 4 percent of the sponge iron producer's shares are freely traded, and institutions were today's net sellers.
Tehran Bourse Retail Turnover Hit a Record 65 Trillion Tomans on Sunday; the Same Day Saw a 6.9 Trillion Toman Retail Outflow
Retail trading value on the Tehran Stock Exchange topped 65 trillion tomans on Sunday, 18 Mordad 1405 (August 9, 2026), an all-time record. The same day, about 6.9 trillion tomans of retail money left the market net, reversing a five-session run of retail buying. TEDPIX still closed up 0.72 percent at 5,559,964 points.
Bank Novin Sets Dividend Payment Schedule: SEJAM Holders Paid From August 19, Last Group Waits Until October 21, 2026
Bank Eqtesad Novin (Tehran Stock Exchange ticker: Vanovin) has announced its dividend payment schedule for the fiscal year ended March 20, 2026. SEJAM-registered shareholders are paid from August 19, 2026; non-SEJAM individuals and funds from September 22; and other non-SEJAM legal shareholders from October 21.
Bank Mellat Announces Four-Stage Dividend Payment Schedule; SEJAM-Registered Shareholders Paid Last, From August 1 (Thursday, July 9, 2026)
Bank Mellat announced a four stage dividend payment schedule for the fiscal year ended March 20, 2026: non-SEJAM individual shareholders from June 5, investment portfolios from July 6, SEJAM-registered shareholders from August 1, and non-SEJAM corporate shareholders from August 21, 2026, an order that puts SEJAM shareholders, against expectation, last in line.
Competition Council Calls Iran's 15% Car Price Hike Insufficient; Tehran Bourse's Automaker Stocks Caught Between Codal Rally and War Selloff (Thursday, July 9, 2026)
Iran's Competition Council (session 758, July 8, 2026) again ruled the Industry Ministry's approved 15% car price hike falls short of the Protection Organization's justified 25%. The dispute lands on Tehran Bourse's automaker stocks, Khodro, Khasapa, Khegostar and Khbahman, a group that rode a Codal-driven rally in Khordad but now faces selling pressure from the collapsed Iran-US ceasefire.
Shepna and Shabandar Rally as Brent Tops $76; How the $19 Summer Crack Spread Feeds Refiner Profits (Wednesday, July 8, 2026)
On the first Tehran Stock Exchange session after Brent crude jumped above $76.04 (Tuesday, July 7), refiners Shepna and Shabandar gained 2.87% and about 0.65%. With the feedstock formula set at 95% of the Brent, Dubai and Oman average and this summer's approved crack spread near $19 a barrel, this piece traces the mechanism linking global oil prices to listed refiners' profitability (Wednesday, July 8, 2026).
Tehran Stock Exchange Reopens Tomorrow; Gold and Coin Hit Records During Closure, Dollar Holds Near 175,600 Tomans (Monday, July 6, 2026)
The Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange, closed since Wednesday, July 1 (10 Tir), reopen tomorrow, Tuesday, July 7 (16 Tir 1405). During the six-day closure, 18-karat gold and the Emami coin hit fresh records while the free-market dollar held near 175,600 tomans; meanwhile OPEC+ raised August output, US bitcoin ETFs returned to net inflows, and analysts flagged unresolved questions over options-contract maturities.
Iran's Four Capital Market Pillars Close for Three Days; Trading Resumes Tuesday, July 7 (Saturday, July 4, 2026)
The Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange are closed from Saturday, July 4 through Monday, July 6, 2026, with trading set to resume Tuesday, July 7, per the Securities and Exchange Organization. The last session, Wednesday, July 1, closed with the main index up 1.16% at 5,187,258 points; it is the second major capital-market shutdown of the year, after an 80-day halt from late February to mid-May.
