Iraq's shares climb as army repels ISIS rebels

Iraq’s shares ended an eight-day losing streak as government forces and their allies push back against Islamists’ advancing in the country.

The ISX General Index rose 3.4 percent, the most in two years, to 98.87 at the close in Baghdad. Iraq’s military said it repelled an attack by an al-Qaeda breakaway group about 55 kilometers (34 miles) north of the capital. The International Energy Agency said today the nation’s oil output hasn’t been hurt by the violence.

The index fell 14 percent over the previous eight trading sessions on concern fighting between the government and the Islamic State in Iraq and the Levant, a breakaway al-Qaeda group known as ISIL, may turn into a sectarian civil war. The conflict in Iraq flared after ISIL fighters captured Mosul, Iraq’s biggest northern city, last week and advanced toward the capital.

The government has received requests from two million volunteers to fight ISIL, Iraq’s Deputy Prime Minister Hussain al-Shahristani said on Iraqiya Television. Kurdish troops are defending Kirkuk, Iraq’s fourth-biggest oilfield, against Islamist militants after deploying outside their semi-autonomous region in the country’s north.

The yield on the country’s 5.8 percent notes due January 2028 fell one basis point, or 0.01 or a percentage point, to 7.17 percent at 2:32 p.m. in London. It rose 25 basis points yesterday.

The Organization of Petroleum Exporting Countries second- largest member pumped 3.3 million barrels a day of oil last month, according to data compiled by Bloomberg. The price of West Texas Intermediate crude (NYMEX:CLN14) declined 0.3 percent, the biggest drop on a closing basis since May 30.

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