05012016Sun
Last update: Sun, 01 May 2016 08pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi shares drop moderately after oil tumbles DUBAI: Saudi Arabia's stock market fell moderately in early trade on Monday after oil producers meeting in Doha on Sunday caused crude prices to tumble, although some stocks rose on the back of better-than-expected earnings.Brent futures are trading at $41.15 per barrel, down 4.6 percent from their last settlement.The failure of the Doha meeting to agree on an oil output freeze may not make a huge difference to prices in the long term - analysts thought a freeze would have had only a minor impact on market conditions.But the talks' failure dealt a blow to sentiment in the oil market, with which Gulf bourses have been closely correlated over the past six months.The Saudi stock index was down 1.3 percent after 45 minutes of trade. Shares in petrochemical producers were particularly hard hit, with the sector's sub-index shedding 2.2 percent.The second largest listed producer, Saudi Arabia Fertilisers Co (SAFCO), slumped ...

Markets - Equity - Middle East & Africa

Saudi stock market to hire investment bank for flotation DUBAI: The Saudi Stock Exchange is in the process of hiring an investment bank to advise on its flotation, the bourse, known as Tadawul, said on Sunday.Saudi Arabia is expected to privatise and float a number of state-owned assets in the next few years, part of efforts to raise cash to help bridge a budget shortfall caused by lower oil prices. The aim is also to improve the efficiency of the economy by the reform ...

Markets - Equity - Middle East & Africa

Gulf rises after strong earnings, foreigners buy Egypt DUBAI: Gulf stock markets rose on Thursday after strong corporate earnings in Saudi Arabia and Oman, while Egypt climbed moderately as foreign investors accumulated shares.Saudi companies tend to announce first-quarter earnings slightly earlier than firms elsewhere in the Gulf, and some positive surprises suggest the damage to the region caused by low oil prices may not be quite as bad as feared.Petrochemical firm Yanbu (Yansab) jumped 1.2 percent after it reported a 41-percent rise in ...

Markets - Equity - Middle East & Africa

Gulf bourses may be firm as company earnings top forecasts DUBAI: Gulf bourses may remain generally firm on Thursday as companies' first-quarter results continue to come in above analysts' forecasts and as the Brent oil price stays above $43 a barrel.Saudi Arabia's index, last at 6,442 points, faces technical resistance on the March peak of 6,525 points. Yanbu (Yansab), the second petrochemical firm to announce results this season, reported a 41 percent jump in net profit to 401.9 million riyals ($107.21 million), beating analysts' average ...

Markets - Equity - Middle East & Africa

Markets rise on oil, global mood; petchems buoy Saudi DUBAI: Middle Eastern stock markets rose on Wednesday, encouraged by an overnight jump in oil prices which boosted Saudi Arabian petrochemical shares in particular, and strength in Asian bourses after strong Chinese trade data.The Saudi index climbed 0.6 percent in the heaviest volume for three weeks. In the petrochemical sector, Sipchem jumped 5.5 percent. Yansab, which was due to release first-quarter earnings after the close, gained 3.5 percent.National Commercial Bank, the biggest lender, rose 0.7 ...

Markets - Equity - Middle East & Africa

Nigerian stocks down after MSCI says could remove Nigeria from frontier index LAGOS: Nigerian stocks shed 2.49 percent on Monday after index provider MSCI said it could remove Nigeria from its frontier markets index after the central bank's introduction of currency controls last year.MSCI said late on Thursday that it was seeking feedback from investors on the ease of access to the Nigerian stock market, of which about $480 million of MSCI benchmarked money was in Nigeria. The Nigerian stock market, which has the second-biggest weighting behind ...

Markets - Equity - Middle East & Africa

Gulf bourses edge higher after oil firms DUBAI: A rebound in oil prices to more than $41 a barrel last week helped to lift major Gulf stock markets in early trade on Sunday.The petrochemicals industry was an obvious beneficiary, with a 2.6 percent gain for Saudi Basic Industries helping to lift the kingdom's petrochemicals index by 2.1 percent while the market's main index rose 1.2 percent in early trade.Almarai, the Gulf's largest dairy producer, was another gainer, rising 1.8 percent after reporting ...