Turkiye Sigorta shares climb after beating Q3 estimates

** Shares in Turkiye Sigorta TURSG rise more than 5% after Turkey-based company that provides a range of insurance services both locally and internationally, reported a better-than-expected Q3 net profit

** Turkiye Sigorta posted net profit of 5.02 billion lira ($119.65 million), above market expectations of 4.83 billion lira

** Brokerage Global Menkul Degerler says net profit rose 63% year-on-year and 4% quarter-on-quarter, driven by strong premium growth and a sharp rise in net investment income

** "We expect the increase in net profit — supported by the improvement in core operational income and the strong contribution from investment gains — to positively impact the stock's performance" Brokerage Global Menkul Degerler says

** The stock is the best performer in Turkey's main BIST 100 index XU100 which is down 0.5%

($1 = 41.9551 liras)