05282016Sat
Last update: Sat, 28 May 2016 03am

Middle East & Africa

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 percent. It posted a 1 percent rise in profit to 2.63 billion riyals ($702 million). SICO Bahrain had forecast 2.30 billion riyals and Deutsche Bank, 2.23 billion riyals.Saudi British Bank surged 4.9 percent after posting a 2.4 percent rise in profit to 1.14 billion riyals; three analysts surveyed by Reuters had expected an average of 1.01 billion riyals.But Bank Aljazira fell 2.1 percent after reporting a 68 percent year-on-year rise in quarterly profit; it had ...

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 ...

Markets - Equity - Middle East & Africa

Saudi slips as investors eye earnings, Egypt rises DUBAI: Saudi Arabia's stock market pulled back in early trade on Tuesday as investors looked ahead to the first-quarter earnings reporting season, which is now starting, while Egypt rose.The Saudi index fell 0.6 percent in the first hour of trade, erasing some of its 1.6 percent gains in the previous session.The main drag was the telecommunications sector, with Saudi Telecom (STC), the largest operator, dropping 3.2 percent as it went ex-dividend. Albilad Capital said in ...

Markets - Equity - Middle East & Africa

Saudi up despite lower oil, Egypt edges lower DUBAI: Investors in Saudi Arabia's stock market shrugged off further losses in oil prices in early trade on Monday, while Egypt's bourse edged lower.Riyadh's index recouped most of the prior session's losses in the first 75 minutes of trade, as local retail investors bought back speculative stocks which were dumped on Sunday. The insurance sub index jumped 2.2 percent after tumbling 3.5 percent on Sunday.Almarai, the largest dairy producer in the Gulf, added 0.5 percent. ...