Investing.com -- Methanex (NASDAQ:MEOH) Corporation (TSX:MX) shares rose as much as 6% Friday in Toronto, marking the largest intraday gain since May, following Israel’s attack on Iran.
Methanex is "one of the world’s largest exporters of seaborne methanol."
While no methanol facilities were directly impacted in the initial attack, according to available information, Raymond (NSE:RYMD) James analyst Steve Hansen noted that identified potential indirect implications that could benefit the methanol sector.
"Taken together, we expect these forces to lend upward pressure on Methanex shares," Hansen wrote in his analysis.
Raymond James maintained its outperform rating on the methanol producer’s stock amid the geopolitical developments.