Ulker Biskuvi shares rose more than 5.5% on Wednesday following the company's second-quarter earnings report, which surpassed market expectations. The Turkish confectionery company posted a net profit of 1.4 billion lira, exceeding the forecast of 225 million lira cited by brokerage Ak Yatirim. According to Ak Yatirim, the earnings beat was driven by lower foreign-exchange losses and higher monetary gains.
The brokerage noted that the results could be received positively given the stock's recent underperformance. Wednesday's gain reduced the shares' year-to-date losses to 5.22%.
