01242017Tue
Last update: Tue, 24 Jan 2017 03am

Middle East & Africa

Markets - Equity - Middle East & Africa

Earnings drag down Saudi, tax fears continue to weigh on Egypt DUBAI: Weak fourth-quarter earnings at several major Saudi Arabian companies dragged down that market on Sunday, while most other Gulf bourses were firm. Tax fears continued to weigh on Egypt.The Saudi index dropped 0.4 percent as food maker Savola plunged 6.2 percent. It swung to net loss of 964.3 million riyals ($257.2 million) in the quarter from a profit of 515.3 million riyals a year ago, and said it did not plan to pay quarterly dividends in 2017.Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals.Banks were also weak after several posted fourth-quarter earnings below estimates. Alawwal Bank fell 5.6 percent after swinging to a net loss of 249.3 million riyals from a profit of 451.3 million; Alistithmar Capital and EFG Hermes had forecast profit of 330.5 million and 438.0 million.Saudi British Bank dropped 3.2 percent after posting a 35 percent ...

Markets - Equity - Middle East & Africa

Egypt tumbles on stamp duty worry, Q4 earnings support Saudi DUBAI: Egypt's blue-chip stock index tumbled on Thursday after Reuters reported that authorities were considering temporarily reintroducing a stamp duty on stock market transactions, while Saudi Arabia was supported by quarterly corporate earnings. The dropped 3.7 percent, its largest single-day decline since June 2016. Local traders were heavy net sellers after a Finance Ministry source, speaking on condition of anonymity, said: "We are studying temporarily re-imposing a stamp duty on stock market transactions pending the ...

Markets - Equity - Middle East & Africa

Sinking banks drag down Saudi stocks, rest of region mixed DUBAI: A slide in banking shares after earnings at a major bank missed analysts' estimates dragged down Saudi Arabia's stock market on Monday, while markets in the rest of the region were mixed. Riyad Bank, the first major Saudi bank to report fourth-quarter earnings, posted a 66 percent fall in net profit to 293 million riyals ($78 million), citing higher impairment charges for credit losses as well as lower operating income from fees and commissions. ...

Markets - Equity - Middle East & Africa

Gulf shares diverge in early trade, small caps support Saudi DUBAI: Stock markets in the Gulf diverged in early trade on Sunday with Saudi Arabia's bourse supported by small and mid-sized shares while profit taking weighed on Dubai and Abu Dhabi.Saudi Arabia's index edged up 0.3 percent in the first half hour; Al Jouf Cement was the top gainer, jumping 5.8 percent.Almarai rose 0.4 percent after the Gulf's largest dairy company reported a 1 percent increase in fourth-quarter net profit to 488.5 million riyals ($130 ...

Markets - Equity - Middle East & Africa

Nigeria stock exchange says working with MTN on 2017 listing LAGOS: Nigeria's stock exchange (NSE) is working "very closely" with South African cell operator MTN on a listing of its shares in the country this year, the head of the bourse said on Thursday."The pressure on MTN has never been higher to list," NSE Chief Executive Oscar Onyema told a business conference."There's a project team working with them." Africa's biggest mobile phone operator, has said it aims to list its Nigerian unit on the local ...

Markets - Equity - Middle East & Africa

Saudi edges up in volatile trade as oil recovers, Egypt hits record DUBAI: Saudi Arabia's stock market edged higher in volatile trade on Thursday but suffered its worst weekly decline since September, while Egypt extended its bull run as international funds accumulated shares. The Saudi index closed 0.4 percent higher at 6,922 points; it remains near a six-week low and lost 3.8 percent over the week. Investors bought shares after Brent oil futures rebounded 2.7 percent overnight and traded above $55.50 on Thursday. Eight of the 14 ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Egypt rises but foreign funds sell; oil pulls down Saudi DUBAI: Egypt's stock market rose strongly on Tuesday but foreign funds were net sellers for a second time since the Egyptian pound was floated on Nov. 3. Gulf markets diverged with Saudi petrochemical shares hit by weak oil prices. The Egyptian blue chip index added 1.8 percent to 13,015 points, a fresh all-time closing high, but trading volume fell slightly below its seven-day average. Foreign investors, heavy buyers of Egyptian shares since the currency was ...