Assorted Announcements

The Amman Stock Exchange (ASE) was able to provide investors with the solace they were seeking as it coolly absorbed the news regarding political tensions in the region. Market participants remained confident, however, upping this week's trading volume to 24 million shares. Despite their efforts the AMI slipped 1% to 182.98.

The banking sector breathed a sigh of relief as the attorney general announced that approximately JD35 million of the funds lost in last year's bank fraud case would be repatriated. The Jordan National Bank (JONB) would receive the largest chunk or JD19.5 million. As a result, JONB rose 20% to JD1.54. Jordan Investment and Finance Bank (JIFB), which will collect JD11.4 million, experienced a similar increase, closing at JD1.45. The Jordan Gulf Bank (JOGB) will get the smallest compensation package equivalent to JD3.5 million. Nonetheless, JOGB continued to ride last week's wave, making it the biggest advancer as it hiked 86% to JD0.13.

Unified for Organizing Land Transport (UNIF) gave shareholders a boost as it disclosed that it had won the mandate to manage the transportation of crude oil from Aqaba to the refinery in Zarqa using its fleet of trucks. UNIF climbed 7% to JD1.41.

Jordan Phosphate Mines (JOPH), on the other hand, left investors dismayed when a leading daily published that the Jordanian government had decided not to sell its stake in the company, opting instead to contract JOPH's management out to a consortium formed of local and US companies. The stock slipped 8% to JD2.29.

Conglomerates witnessed several bloc deals this week, adding some flavour to their activity. United Arab Investors (UAIC) saw around 1.8 million shares change hands through several transactions as it advanced 3% to JD3.02. Union Investment Corporation (UINV), in contrast, was satisfied with one deal which involved 0.27 million of its shares. UINV retracted 1%, however, to JD1.94.