05242016Tue
Last update: Tue, 24 May 2016 06pm

Middle East & Africa

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 net profit to 402 million riyals ($107 million), far exceeding analyst forecasts.Riyad Bank advanced 0.5 percent after it posted a 0.2 percent rise in first-quarter net profit to 1.2 billion riyals ($321 million), beating analysts' average forecast of 962 million riyals.Seven of the 12 banks on the Saudi bourse have now reported earnings, with most beating forecasts.The banking sub-index jumped 2.0 percent in its third straight session of gains. Riyadh's overall stock index rose 1.0 ...

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 ...

Markets - Equity - Middle East & Africa

Gulf rises with oil, Saudi king's arrival supports Egypt DUBAI: Gulf stock markets rose on Thursday after Brent crude oil jumped more than 5 percent to about $40 a barrel, while hopes for economic benefits from a visit by Saudi Arabia's king supported that market. The Saudi index gained 0.7 percent, led higher by petrochemical firms that were lifted by the oil price rise.Saudi Basic Industries rose 1 percent and Saudi Kayan climbed by the same amount after announcing the start of commercial operations ...

Markets - Equity - Middle East & Africa

Petchems and telcos buoy Saudi, Egypt falls after data DUBAI: Petrochemical and telecommunications stocks boosted Saudi Arabia's bourse early on Thursday while Egypt fell after poor economic data.The Saudi index added 0.8 percent in the first hour of trade as petrochemical producer Saudi Kayan climbed 1 percent after announcing the start of commercial operations at a new butanol plant. Saudi Basic Industries rose 1.3 percent.Telecommunications firm Mobily climbed 2.9 percent to 31.60 riyals. In a research note, NCB Capital described the Saudi telecoms sector ...