Shares in French automakers PSA Peugeot Citroen and Renault have soared after the landmark nuclear deal between Iran and the P5+1.
Shares in Peugeot jumped nearly 4.5 percent while Renault shares rose to above one-percent in afternoon trade on Monday. The nuclear deal signed early Sunday fuels... Show More >>Shares in French automakers PSA Peugeot Citroen and Renault have soared after the landmark nuclear deal between Iran and the P5+1.
Shares in Peugeot jumped nearly 4.5 percent while Renault shares rose to above one-percent in afternoon trade on Monday. The nuclear deal signed early Sunday fuels expectations that the two French car makers could quickly re-enter the Iranian market. Iran used to be Peugeot\'s second-biggest market in car sales volumes before Western sanctions against Tehran were toughened. Last year, the car-maker halted sales to Iran to comply with the sanctions, costing it nearly 10 percent of its global vehicle deliveries. Renault announced a nearly 700 million-dollar write-down because of damage to its business in Iran.
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